Rep. Cummings repeats calls for resignation of Fannie, Freddie head

Rep. Elijah Cummings (D-Md.) continued to apply pressure in his campaign to get Federal Housing Finance Agency acting Director Edward DeMarco — who oversees mortgage giants Freddie Mac and Fannie Mae — to offer a debt-reduction program for those struggling to pay their mortgages, suggesting again Monday that DeMarco should resign.

"Yeah, I think he should … I've told him that," Cummings said when asked by MSNBC host Mika Brzezinski if DeMarco should resign.

Cummings has been a frequent critic of DeMarco, who has been reluctant to support the principal reduction program championed by Democrats in Congress. DeMarco has said that the program might not be within his legal authority and could threaten the mortgage giants' solvency, but Cummings contests that the strategy would reinvigorate a struggling housing market.

"This would be beneficial to both taxpayers and homeowners," Cummings said.

But the Maryland lawmaker did admit that DeMarco's resignation could cause additional headaches.

"The problem is, if he steps down, there's three people who come under him, one of them would have to be appointed, unless the president could successfully nominate and confirm his own choice. The Congress — that is, the Senate — doesn't seem willing to do that, so we're kind of stuck between a rock and a hard place," Cummings said.

He also credited DeMarco for working with him on some issues, including allowing mortgage holders to defer payments.

"We've seen him inch toward some of our positions," Cummings said.

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