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U.S. Rep. Elijah Cummings, D-Md., said he was "encouraged that Mr. DeMarco has now begun to move in this direction." Cummings and others say Fannie and Freddie's efforts to help homeowners who owe more on their mortgages than their homes are worth have fallen short. Treasury Secretary Timothy Geithner told a Senate subcommittee last month that he thought officials at Fannie and Freddie support the idea of principal write-downs, despite DeMarco's reservations. Geithner called DeMarco a "little more conservative" on the issue.
[Associated
Press;
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