White House Must Free Fannie Mae, Freddie Mac On Principal Reduction, Remove Ed DeMarco

The time has long since arrived for Edward J. DeMarco to pursue his other opportunities in the private sector, whatever they may be. DeMarco, you may recall, is acting head of the Federal Housing Finance Agency, the government entity that oversees Fannie Mae and Freddie Mac, the pair of gargantuan mortgage companies that collectively own or guarantee most of the nation's home loans, giving them outsized influence over the American economy. For many months, evidence has mounted that the most expedient way to move the country past the slow motion agony of the foreclosure crisis is to forgive substantial loan balances for the millions of homeowners who are underwater, meaning they owe the bank...