Ed DeMarco Has TO Go

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Ed DeMarco's Refusal on
Principal Reductions Grounds for Firing

Posted: 03/12/2012 8:10 am





The single largest obstacle to meaningful economic recovery is a man who most Americans have probably never heard of, Edward J. DeMarco.
DeMarco steadfastly refuses to allow Fannie and Freddie to help distressed homeowners by writing off principal balances on their mortgages. This has ensured that tens of millions of borrowers remain "underwater," meaning they owe the banks more than their homes are worth -- a status that has an alarming tendency to portend foreclosure.

The guy seems to be doing his job. I'm supposed to feel sorry for someone who took out a $465K loan on their house whose monthy repayment has been reduced to $1,700 and won't ever get higher than $2,400; the amount they agreed to pay back? Give me a break.

The federal government should honor it's existing obligations and then shut down Fannie and Freddie. Those are places bad loans go to so taxpayers will have to foot the bill bankers otherwise would have.