Fannie Mae (OTC:FNMA) and Freddie Mac (OTC:FMCC) news at FHFA (via FHFA.Gov). Press relase below
Federal Housing Finance Agency Announces Departure of Edward J. DeMarco
Welcome to our latest issue of ValueWalk’s hedge fund update. Below subscribers can find an excerpt in text and the full issue in PDF format. Please send us your feedback! Featuring Point72 Asset Management losing about 10% in January, Millennium Management on a hiring spree, and hedge fund industry's assets under management swell to nearly Read More
The Federal Housing Finance Agency (FHFA) today announced that Edward J. DeMarco will depart the Agency at the end of April.
DeMarco, who served as Acting Director of the Agency from 2009 until January, 2014, submitted a letter confirming his departure date to Federal Housing Finance Agency Director Melvin L. Watt. He has made no announcements about his future plans.
“Ed has been an invaluable asset to FHFA and I appreciate his assistance to me during this transitional period,” said Watt. “Throughout his 28 year career as a public servant he has made many important public policy contributions grounded in his strong background in housing finance. I wish him the very best in his future endeavors.”
DeMarco joined the Office of Federal Housing Enterprise Oversight (OFHEO), a predecessor Agency to FHFA, in October of 2006 as its Chief Operating Officer and Deputy Director. He was appointed Acting Director of FHFA on August 25, 2009 by President Obama and served in that role until Director Watt was sworn in on January 6, 2014. Previously, DeMarco served in various capacities at the Social Security Administration, U.S. Department of the Treasury and U.S. General Accounting Office.
A copy of Mr. DeMarco’s letter about Fannie Mae, Freddie Mac is attached.
The Federal Housing Finance Agency regulates Fannie Mae (OTC:FNMA) and Freddie Mac (OTC:FMCC) and the 12 Federal Home Loan Banks. These government-sponsored enterprises provide more than $5.5 trillion in funding for the U.S. mortgage markets and financial institutions.
Fannie Mae, Freddie Mac March 24, 2014
Mr. Melvin L. Watt
Federal Housing Finance Agency
400 7th Street, SW
Washington, DC 20024
Dear Director Watt:
I am writing to confirm the date of my departure from the Federal Housing Finance Agency will be on or about April 30, 2014.
I appreciate your invitation to assist you with the recent leadership transition and I have been pleased to do so. I am also grateful for the thoughtfulness you have shown me during this transition period. With the transition now well along, I believe the time has come for me to seek other opportunities.
FHFA has existed for less than six years and during that time has faced enormous challenges that required balancing multiple legal and policy requirements and goals. We have responded to the urgent need of families facing difficulties, the fragility of the housing markets, and the enormous demands placed on taxpayers. We also built a new agency during this period. Whatever the future holds, the country needs an agency expert in the workings of our housing finance system and I am proud that FHFA has developed the capabilities to take on that responsibility.
I have publicly stated numerous times that the conservatorships of Fannie Mae (OTC:FNMA) and Freddie Mac (OTC:FMCC) were never intended to be a long-term solution. Congress must act to bring the conservatorships to an end and chart the course for a new structure for housing finance. My earnest hope is that recent legislative initiatives in the House and the Senate lead to the consensus needed to bring such legislation to enactment.
It has been an honor and a privilege to serve my country at FHFA and throughout my 28 year career as a federal employee. I wish you and the outstanding career staff at FHFA continued success in carrying out FHFA’s mission.
Edward J. DeMarco