FHFA Chief Denies Hiding Info On Mortgage Principal Cuts

Law360, New York (May 1, 2012, 7:03 PM EDT) -- Federal Housing Finance Agency Acting Director Edward J. DeMarco on Tuesday rejected allegations from congressional Democrats that the agency hid studies showing that cutting the amount underwater homeowners owed on their mortgages would save taxpayers money.

In a letter to Rep. Elijah E. Cummings, D-Md., and John F. Tierney, D-Mass., DeMarco said that his agency had provided information the two members of the House Oversight and Government Reform Committee had requested regarding studies done on the effectiveness and costs of principal reductions for failed government-sponsored enterprises...
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