Richard Zombeck-
Acting Federal Housing Finance Agency (FHFA) Director Ed DeMarco has not been shy about letting underwater homeowners sink. This week, he made it painfully clear that despite the Administration calling for principal reduction, he would have no part of it. His reasoning appears to be more out of contempt for borrowers and the minions whose loans are held by Fannie and Freddie Mac than any legitimate business or accounting decision.
Since 2008, DeMarco has run the FHFA as an independent regulator of the now government (and taxpayer) owned Fannie Mae and Freddie Mac. Over the past year DeMarco has been under pressure by liberal advocates, congressman, and journalists to use his position and authority to help struggling homeowners.