The Man Winding Down Fannie and Freddie

Ed DeMarco says debt forgiveness would hurt retirees
“He didn’t have any motivation that I could see to help people,” said Senator Barbara Boxer, calling an appointment with DeMarco “the worst meeting I’ve had in my life” Photograph by Scott Eells/Bloomberg

The man with power over more than half of U.S. mortgages lives in a 1961 split-level brick house with a basketball hoop in the driveway and a green Subaru in the carport. The homes on Edward DeMarco’s block in a suburb of Washington, D.C., are so close together that neighbors see into each other’s windows. This surprised several dozen demonstrators, one in a vampire costume, who visited in September to demand he quit his job as acting director of the Federal Housing Finance Agency. “My home is better looking than this,” said Catrese Tucker, a Massachusetts toll collector whose house is in foreclosure.

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