The good people at Rebuild the Dream tell us,
DeMarco is the Bush appointee who has been dragging his heels and blocking Fannie Mae and Freddie Mac from engaging in targeted principal reductions (resetting home loans to fair market value) for struggling, underwater homeowners on the grounds that it would cost the taxpayers too much.
Today, two things happened. First, FHFA produced a study that said principal reductions would actually save taxpayers more than a billion dollars. And then DeMarco announced that he still wouldn’t allow any principal reductions!