U.S. housing regulator fires back in mortgage flap

(Reuters) - The regulator for Fannie Mae and Freddie Mac fired back on Tuesday against claims from Democrats in Congress that he is standing in the way of letting the two U.S. housing finance giants forgive mortgage principal because of ideology.

In a sharply worded response to Elijah Cummings, the top Democrat on the House of Representatives Oversight Committee, Federal Housing Finance Agency Director Edward DeMarco defended his agency's position on loan write downs.

DeMarco has long maintained that allowing the two government-controlled mortgage firms to write down loan principal would needlessly drive up the costs of their taxpayer bailout, which has already reached more than $150 billion.

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Bankrate: Only 54% of Americans Have More Emergency Savings than Credit Card Debt

NEW YORK, Feb. 21, 2012 /PRNewswire via COMTEX/ -- Only 54% of Americans have more emergency savings than credit card debt, according to a new poll released today by Bankrate.com RATE -0.73%  . One in four Americans (25%) has more credit card debt than emergency savings and 16% have neither credit card debt nor emergency savings.

Bankrate's monthly Financial Security Index held at 97.3, unchanged from January and tied for the highest level since June 2011. Any reading below 100 indicates a lower level of financial security compared with 12 months earlier.

Despite four straight months of improving sentiment, consumers' overall financial situation is still seen as negative. Twenty-seven percent of Americans report a lower level of financial security now versus one year ago and 24% report a higher level. Thirty-eight percent of Americans are less comfortable with their savings now compared with one year ago; only 14% are more comfortable.

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