FHFA director Ed DeMarco has been getting heat from pretty much all sides as of late. You know that when Barney Frank steps into the fray calling for your resignation, you’ve managed to enter the public dialogue. (Or the crosshairs, take your pick.) DeMarco’s supposed sin? Not allowing Fannie and Freddie, perennial wards of the federal government, to write down principal on delinquent loans. Any defense of the FHFA’s embattled head stands out against this backdrop, and Mark Calabria over at the libertarian think-tank The Cato Institute offers an eviscerating defense of DeMarco’s critics.