Housing Chief Should See the Upside of Forgiving Debts: View

"DeMarco argues that debt forgiveness goes beyond his authority and would result in untenable losses for the mortgage giants. This is a curious position given that he is a presidential appointee and everyone from President Barack Obama to lawmakers to Federal Reserve Chairman Ben S. Bernanke has called on him to go ahead and do it. Economists and housing analysts say debt relief is essential to preventing a death spiral in which rising foreclosures and falling housing prices reinforce each other."