Ed DeMarco, president of the Housing Policy Council, said that while claiming to codify existing FHFA practice, the proposal “does not address FHFA’s practices related to fair housing and fair lending enforcement.”
GSE shareholders tried to make the case that Ed DeMarco, the acting director of the Federal Housing Finance Agency at the time of the net worth sweep, was an extra-constitutional director because his three-year acting directorship lasted too long.
Currently, FHFA plans to modernize credit score usage by Fannie Mae and Freddie Mac in two phases, with full implementation scheduled for the fourth quarter of 2025.