Former FHFA acting director Edward DeMarco to leave agency

fhfaThe Federal Housing Finance Agency announced on Monday that former acting director Edward DeMarco will leave the agency at the end of April, though he has not made an announcement regarding his future plans.

DeMarco joined the Office of Federal Housing Enterprise Oversight—the FHFA’s predecessor—in 2006 as the COO and deputy director. In 2009, he was appointed acting director of the FHFA by President Obama and served in that capacity until the current Director Melvin Watt was sworn in in January.

“Ed has been an invaluable asset to FHFA, and I appreciate his assistance to me during this transitional period,” Watt said. “Throughout his 28-year-career as a public servant he has made many important public policy contributions grounded in his strong background in housing finance. I wish him the very best in his future endeavors.”

Before joining the FHFA and OFHEO, DeMarco served in a number of capacities at the U.S. Treasury, General Accounting Office and Social Security Administration.

DeMarco said in his resignation letter that lawmakers must work to end Fannie Mae and Freddie Mac and “chart the course for a new structure for housing finance.”

“My earnest hope is that recent legislative initiatives in the House and Senate lead to the consensus needed to bring such legislation to enactment,” DeMarco said in his letter to Watt. “It has been an honor and a privilege to serve my country at FHFA… I wish you and the outstanding career staff at FHFA a continued success in carrying out FHFA’s mission.”

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