A Daily news digest by Jasper van Santen

The man blocking America’s recovery – The Washington Post

In News, Politics on March 21, 2012 at 12:16

Edward DeMarco Edward DeMarco, acting director of the Federal Housing Finance Agency testifies during a Committee on Financial Services hearing on Compensation in the Financial Industry - the Government Perspectives on Capitol Hill February 25, 2010 in Washington, DC. The hearing focused on the pay practices of both private and public financial entities including AIG, Fannie Mae and Freddie Mac where the federal government plays a role in reviewing and approving compensation.

The man blocking America’s recovery

He is the most powerful federal employee you’ve never heard of. Edward DeMarco has slowed the economic recovery with the stroke of a pen. His actions are costing taxpayers tens of billions of dollars, forcing millions of homeowners to lose their homes, and contributing to the falling housing prices that are a brake on the recovery.

Not bad for an obscure “acting director” who should have departed his position long ago.

Edward DeMarcoheads the Federal Housing Finance Agency (FHFA). He’s a temp, in office only because — no surprise — Senate Republicans, led by Richard Shelby (Ala.), refused even to allow a vote on the man President Obama nominated for the post.

 

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