The Federal Housing Finance Agency (FHFA) announced that Edward DeMarco will depart the FHFA at the end of April.
DeMarco joined the Office of Federal Housing Enterprise Oversight, a predecessor to the FHFA, in October 2006 as its chief operating officer and deputy director. He was appointed acting director of FHFA on Aug. 25, 2009 by President Barack Obama and served in that role until Director Melvin Watt was sworn in on Jan. 6, 2014. Previously, DeMarco served in various capacities at the Social Security Administration, U.S. Department of the Treasury and U.S. General Accounting Office.
He has stayed at the FHFA since the beginning of the year to aid in the agency’s transition.
DeMarco recently submitted a letter confirming his departure date to Watt.
“I am writing to confirm the date of my departure from the Federal Housing Finance Agency will be on, or about, April 30,” the letter stated. “I appreciate your invitation to assist you with the recent leadership transition, and I have been pleased to do so. I am also grateful for the thoughtfulness you have shown me during this transition period. With the transition now well along, I believe the time has come for me to seek other opportunities.”
DeMarco went on to state his hope for the direction of the agency.
“I have publicly stated numerous times that the conservatorships of Fannie Mae and Freddie Mac were never intended to be a long-term solution,” DeMarco wrote. “Congress must act to bring the conservatorships to an end and chart the course for a new structure for housing finance. My earnest hope is that recent legislative initiatives in the House and the Senate lead to the consensus needed to bring such legislation to enactment.”
“Ed has been an invaluable asset to the 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.”
DeMarco has made no announcements about his future plans.