FHFA | Review of Options Available for Underwater Borrowers and Principal Forgiveness

Review of Options Available for Underwater Borrowers and Principal Forgiveness In considering the use of principal forgiveness by Fannie Mae and Freddie Mac (the Enterprises), it is important to place this particular loss mitigation tool in the context of: the Enterprises’ overall loss mitigation efforts; costs and benefits of using principal forgiveness, including the economic … Read more

Geithner Letter to FHFA Director on Principal Reduction

Geithner Letter to FHFA on Principal Reduction “I am concerned by your continued opposition to allowing Fannie Mae and Freddie Mac to use targeted principal reduction in their loan modification programs.” “In view of the clear benefits that the use of principal reduction by the GSEs would have for homeowners, the housing market and taxpayers, … Read more

Fannie, Freddie Won’t Cut Loan Balances

Fannie, Freddie Won’t Cut Loan Balances The federal regulator for Fannie Mae and Freddie Mac FMCC -1.68% will not permit the taxpayer-supported mortgage giants to participate in an Obama administration program that reduces mortgage balances for certain troubled homeowners, the agency said on Tuesday. The Treasury Department, which had put heavy political pressure on the … Read more

FAIL | Edward DeMarco Rejects Gov’t Mortgage Write-Down Plan

Regulator rejects gov’t mortgage write-down plan WASHINGTON (Reuters) – The top U.S. housing regulator rebuffed the offer of taxpayer funds to reduce mortgages held by struggling homeowners on Tuesday, a blow to the Obama administration which is keen to show voters it can help fix the housing market. Calling it a challenging decision, the regulator … Read more

Guilty | Four People Sentenced to Death for Billion-Dollar Bank Fraud

Iran sentences four people to death for bank fraud * Islamic Republic’s biggest bank scam tainted government * Ahmadinejad denies fraudsters linked to top officials * Four condemned to hang, others get jail, flogging By Yeganeh Torbati DUBAI, July 30 (Reuters) – An Iranian court has sentenced four people to death for a billion-dollar bank … Read more