FHFA Acting director DeMarco has consistently prevented the writedowns of principal on distressed mortgages, forcing foreclosures when writedowns would allow homeowners to stay and pay. Obama should stop foreclosures for a period of time from6 months to 12 months to let the seriousness of the Banks' responsibility sink in. Banks and the entire system of mortgages have been verging on fraud for decades and it won't stop at the hands of the Banks. The Agencies need to force a resolution in favor of PEOPLE not Corporations. When Banks were threatened with investigations of robosigning and fraud they stopped ALL foreclosures and still made record profits. 3.5 - 5 MILLION homes are in default or foreclosure at the whim of banks. The Administration needs to be bold.
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