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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 dim...

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 ori...

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 refus...