Entity Dimarco News Today

Books. heres the good news, dimarco is on his way out and president obama wants to replace him with this man, congressman watt, on the banking committee and distinguished himself on borrowers and predatory lending, good news where the american homeowner is being screwed by the banks and powers in washington as well. were reminded what happens when you dont give people a break in principle, the underlying amount of the mortgage theyve taken out, you dont discount that price you get the long forec...

Fhaa. and the other is the administrations theory and this book about tim geithner talking about a program created by the administration as part of the t.a.r.p. money to help people work through foreclosures. we estimate the banks can work through 10 million foreclosurs s provides they dohelp foam the runway for them. >> all my discussions with the administration, they claim they are in disagreement with dimarco. he put out a report where it seems to say to me it showed excellent evidence we sho...

Administration as part of the t.a.r.p. money to help people work through foreclosures. we estimate the banks can work through 10 million foreclosures provides they help foam the runway for them. >> all my discussions with the administration, they claim they are in disagreement with dimarco. he put out a report where it seems to say to me it showed excellent evidence we should have principle reduction and the went the other way. >> you borrowed $200,000 for your home and your home is now worth $1...

Reducing your interest rate or monthly payments, the bank says we will write down this loan, no longer a $200,000 loan, a $100,000 loan or $150,000 loan. >> they made it clear from the treasury department to dimarco they were fully supportive of a principle write-down and they felt f ha would require administrative costs and go beyond the dollar set assigned the hamp program and the treasury department would help. >> explain that. theres this program passed as part of the bailout called hamp. th...

Treasury department to dimarco they were fully supportive of a principle write-down and they felt f ha would require administrative costs and go beyond the dollar set assigned the hamp program and the treasury department would help. >> explain that. theres this program passed as part of the bailout called hamp. they spent essentially none of this money, homeowners havent been helped with this program. the administration said whatever you need to do. >> we will go beyond the program administrativ...

The banks absent the fundamental structural reform and principle. >> i agree with the last part he said. we should have had some kind of criteria in there. we did not do that. keep in mind the other thing, the part of dimarcos mandate is to help homeowners. he is legally -- has the opportunity in the law to do principle reduction. and minimize foreclosures. thats in the law. >> its in the law. i want to hammer this home to people. were talking dimarco fha, this is one dude presiding over half th...

Said. we should have had some kind of criteria in there. we did not do that. keep in mind the other thing, the part of dimarcos mandate is to help homeowners. he is legally -- has the opportunity in the law to do principle reduction. and minimize foreclosures. thats in the law. >> its in the law. i want to hammer this home to people. were talking dimarco fha, this is one dude presiding over half the mortgages in the country. that is the situation right now. there is a guy whose name is ed dimarc...

That is this guy, perhaps the most powerful man in america you may never have heard of. the acting director of fha you may or may not have heard of, used to be fannie mac, got bailed out by the u.s. government and reconstituted into this new entity. this entity mr. dimarco runs owns one-half of all the mortgages in the united states. if you have a mortgage, theres a good chance the entity dimarco runs owns your mortgage. as the owner of half the mortgages in this country, he could be the one to ...