Along with DeMarco's response, the Federal Housing Finance Agency made public a summary of documents it said it sent to the congressmen in April. Alfred M. Pollard, the agency's general counsel, said in the summary that both Fannie and Freddie had considered principal reduction.
"These pilot programs, to the extent they were begun, ended due to complex operational issues involving system changes, accounting considerations and the interest level of Fannie Mae's partners," Pollard wrote.
Cummings and Tierney, saying that some of the documents about the Fannie program came from "an independent source" rather than DeMarco, suggested the regulator withheld information. The congressmen wrote that they have "very serious concerns" about the "failure to provide Congress with complete and accurate information about these important matters."
Cummings -- who faced foreclosure on his own home years ago but got current before it was too late -- has pressed DeMarco for months to offer more justifications for his stance on principal reduction.
Got a housing news tip or experience to share? (Or just want to tell me something?) Email me at jhopkins@baltsun.com.
