On March 24, long-time Acting Director of the Federal Housing Finance Agency (FHFA) Edward DeMarco informed his successor, FHFA Director Mel Watt, that he would leave the agency at the end of April.
In a letter to Watt, DeMarco wrote, "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." He did not announce any details about his future plans.
DeMarco never won confirmation as director of the FHFA even though he served as acting director from Aug. 25, 2009, until January 2014 when Watt was sworn in as FHFA director. DeMarco was a holdover from the FHFA's precursor organization--the Office of Federal Housing Enterprise Oversight (OFHEO). He joined OFHEO in October 2006 as its chief operating officer and deputy director under James Lockhart.
DeMarco stood firm on his duty to protect the taxpayers while Fannie Mae and Freddie Mac were in conservatorship and were losing substantial sums of money. He was lobbied hard to loosen up policy to force more principal reductions on Fannie and Freddie loans, but stood his ground to put the interests of taxpayers first.
In a release, Director Watt made the following statement: "Ed has been an invaluable asset to FHFA and I appreciate his assistance to me during this transitional period." Watt added...