Congress created the Federal Housing Finance Agency in 2008 to be a strong and effective overseer of Fannie Mae and Freddie Mae. Under acting director Edward DeMarco, the FHFA has proven it can be a strong regulator and guide the two troubled government-sponsored enterprises back to profitability.

During DeMarco’s watch, the GSEs have reduced their bloated mortgage investment portfolios, launched huge loan modification and foreclosure prevention programs, and helped 2 million borrowers refinance their underwater loans.

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