there has been a huge obstacle to implementing this policy. that is this guy, perhaps the most powerful man in america you may never have heard of. the acting director of fha you may or may not have heard of, used to be fannie mac, got bailed out by the u.s. government and reconstituted into this new entity. this entity mr. dimarco runs owns one-half of all the mortgages in the united states. if you have a mortgage, there s a good chance the entity dimarco runs owns your mortgage. as the owner of half the mortgages in this country, he could be the one to implement the kind of policy today the cfo said was a good idea. for more than a year, he has refused and argued he is mandated by law to preserve and converse fannie mae s assets rather than look out for the entire housing market.
the banks absent the fundamental structural reform and principle. i agree with the last part he said. we should have had some kind of criteria in there. we did not do that. keep in mind the other thing, the part of dimarco s mandate is to help homeowners. he is legally has the opportunity in the law to do principle reduction. and minimize foreclosures. that s in the law. it s in the law. i want to hammer this home to people. we re talking dimarco fha, this is one dude presiding over half the mortgages in the country. that is the situation right now. there is a guy whose name is ed dimarco who presides over half the mortgages in the country. that was then and that s true. the original bailout was flawed because from the very beginning, the bank s problem was foreclosures. if we dealt with foreclosures we would have dealt with family problems of bankrupt and foreclosures and the bank s
said. we should have had some kind of criteria in there. we did not do that. keep in mind the other thing, the part of dimarco s mandate is to help homeowners. he is legally has the opportunity in the law to do principle reduction. and minimize foreclosures. that s in the law. it s in the law. i want to hammer this home to people. we re talking dimarco fha, this is one dude presiding over half the mortgages in the country. that is the situation right now. there is a guy whose name is ed dimarco who presides over half the mortgages in the country. that was then and that s true. the original bailout was flawed because from the very beginning, the bank s problem was
that is this guy, perhaps the most powerful man in america you may never have heard of. the acting director of fha you may or may not have heard of, used to be fannie mac, got bailed out by the u.s. government and reconstituted into this new entity. this entity mr. dimarco runs owns one-half of all the mortgages in the united states. if you have a mortgage, there s a good chance the entity dimarco runs owns your mortgage. as the owner of half the mortgages in this country, he could be the one to implement the kind of policy today the cfo said was a good idea. for more than a year, he has refused and argued he is mandated by law to preserve and converse fannie mae s assets rather than look out for the entire housing market. despite my entity exists only because of the expenditure dollar, i m not looking out for u.s. citizens but balancing my
criteria in there. we did not do that. keep in mind the other thing, the part of dimarco s mandate is to help homeowners. he is legally has the opportunity in the law to do principle reduction. and minimize foreclosures. that s in the law. it s in the law. i want to hammer this home to people. we re talking dimarco fha, this is one dude presiding over half the mortgages in the country. that is the situation right now. there is a guy whose name is ed dimarco who presides over half the mortgages in the country. that was then and that s true. the original bailout was flawed because from the very beginning, the bank s problem was foreclosures. if we dealt with foreclosures we would have dealt with family problems of bankrupt and foreclosures and the bank s problem losing money. last year, the treasury was very strident saying we want this program to work. they were strident almost