Stop Bashing DeMarco for Mortgage Aid Ruling
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Aug. 3 (Bloomberg) -- The Obama administration was shockedthis week when a federal regulator did his job.
It began when Edward DeMarco, the acting director of theFederal Housing Finance Agency, said Fannie Mae and Freddie Maccouldn’t extend mortgage reductions to troubled homeowners whoowe more than their property is worth. The administration hadbeen pressuring DeMarco, whose agency oversees the taxpayer-supported mortgage giants while they are in conservatorship, topermit them to eliminate a portion of the loan amount owed tothe lender or investor.