A Poor Defense of Ed DeMarco

Gretchen Morgenson has done a lot of outstanding reporting on the financial industry over the last decade, however today's of Ed DeMarco, the head of the Federal Housing Finance Authority falls wide of the mark. DeMarco has drawn considerable heat as of late because of his refusal to allow Fannie Mae and Freddie Mac to do principle reductions to make it easier for underwater homeowners to stay in her home.

Morgenson defends this refusal by saying that DeMarco's refusal is actually...