Time is not a friend to the housing finance system so long as Fannie Mae and Freddie Mac remain in government conservatorship with no endgame in sight, according to the former head of the Federal Housing Finance Agency. Former FHFA Acting Director Edward DeMarco, now a senior fellow in residence for the Milken Institute’s Center for Financial Markets, told attendees at this week’s Bipartisan Policy Council’s housing summit in Washington that the ongoing conservatorships of the two government-sponsored enterprises – now in the sixth year – will continue to distort the market and place taxpayers at risk. “The conservatorships are...