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Regulator Suing Lenders Caught Between Competing U.S. Missions

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Edward J. DeMarco, head of the U.S. watchdog overseeing Fannie Mae and Freddie Mac, says his job is protecting taxpayers. His critics think he’s undermining the government’s efforts to shore up the economy.

DeMarco’s Federal Housing Finance Agency yesterday filed lawsuits seeking to recover billions of dollars from Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and 14 other lenders that sold bonds backed by flawed residential mortgages.