Regulator Rebuffs Obama on Plan to Ease Housing Debt

From The New York Times comes the story Regulator Rebuffs Obama on Plan to Ease Housing Debt.

 The Federal Housing Finance Agency said it had concluded after months of study that up to half a million homeowners could benefit from such a program, and that taxpayers might save $1 billion because aid recipients would be more likely to continue making mortgage payments.

But the agency’s acting director, Edward J. DeMarco, said the benefits most likely would be much smaller — too small in his judgment to offset potential costs, including the risk that some borrowers would stop making payments in pursuit of a better deal.

Since Edward J. DeMarco is a Bush appointee, can we be allowed to pin the blame for this problem on George Bush?  I know it is late into the Obama administration, but the Bush deviltry seems to have long lasting effects.

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