Due to the high home foreclosure rate in California, Rep. Jerry McNerney, D-Pleasanton, and 27 other members of Congress from California have called for President Barack Obama to immediately appoint a permanent director of the Federal Housing Finance Agency.
There has been no permanent director for 2 1/2 years, which McNerney says undermines the housing authority's capability to address the foreclosure crisis. Meanwhile, areas like San Joaquin County have been ravaged by foreclosures, he said in a news release.
The federal agency has the authority to establish rules over mortgages that are underwritten by Freddie Mac and Fannie Mae, as well as those underwritten by other federally-backed enterprises, McNerney said. Without a permanent director, the FHFA cannot make key decisions to help keep people in their homes, he added.
According to RealtyTrac, 224,394 U.S. properties had foreclosure filings in November 2011. This means that one in every 579 housing units received a foreclosure filing nationwide, according to the letter McNerney signed. In California, one in every 211 housing units received a foreclosure filing.
Contact reporter Ross Farrow at firstname.lastname@example.org.