HousingWire Magazine Names FHFA Acting Director Ed DeMarco 2012
Person of the Year
Housing Finance Leader Has Dramatically Impacted Housing Policy,
DALLAS, TX -- (Marketwire) -- 12/03/12 -- Ed DeMarco is profiled as
the 2012 Person of the Year in HousingWire Magazine's December issue,
available today to current magazine subscribers. Each year,
HousingWire editors select an individual whose contributions to the
landscape of U.S. housing finance have had the most substantial
industry impact -- politically, socially and financially.
"Ed DeMarco is the obvious choice this year," said Jacob Gaffney,
executive editor at HousingWire. "Whether you agree with his policy
decisions or not, what Ed DeMarco has demonstrated in 2012 is that he
is by far the biggest mover and shaker in mortgage finance."
As the conservator for Fannie Mae and Freddie Mac, DeMarco and the
FHFA have faced heated political pressure this year to allow the GSEs
to forgive principal as part of loan modification efforts for
troubled borrowers. In July, DeMarco ruled out principal reductions
at the GSEs, and said that his office would bow to pressure to wipe
out borrowers' debt when Congress legislated such action for the
The move infuriated many Democrats, who called for DeMarco's head in
response. Despite the furor, no law has since been legislated by
Congress mandating principal reductions for distressed homeowners.
Under DeMarco's leadership, the FHFA also said earlier this year that
it would look to start charging five states higher guarantee fees to
cover default costs that were well above the national level.
Positioned as a move to help ensure stronger risk-based pricing
practices at the GSEs, the move put DeMarco under further fire from
various groups unhappy with the proposed change.
"DeMarco has shown a remarkable ability to focus on the issues that
really matter, tuning out partisan political rhetoric as part of that
process," said Paul Jackson, publisher and CEO at HousingWire. "For
that reason, he is our 2012 Person of the Year."
The December issue of HousingWire Magazine is available now.
HousingWire is the nation's most influential news source covering the
U.S. housing economy, spanning mortgage lending, servicing,
investments and real estate operations. The company's news,
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and online events give professionals the insight they need to make
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