Edward DeMarco, the acting director of the Federal Housing Finance Agency, has one of the toughest jobs in town.

Fannie Mae and Freddie Mac have now been held in conservatorship for more than three years with no end in sight, and the cost to the taxpayer continues to soar. There's been growing public criticism of the agency for awarding exorbitant multimillion-dollar compensation packages to senior executives and failing to intervene earlier to stop servicer abuses like robo-signing.

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