Fannie, Freddie Press for Mortgage Write-Downs
Fannie, Freddie Press for Mortgage Write-Downs
Fannie Mae and Freddie Mac reportedly are in talks with their regulator to allow principal write-downs in order to minimize losses and prevent foreclosures.
The move is supported by Democrats as a way to stimulate housing market recovery, but Republicans and some economists worry about a deluge of borrowers looking for write-downs they do not need.
The Obama administration has increased incentives to lenders for write-downs, reimbursing half of what the lender writes off in some instances.
Source: “Fannie, Freddie Press for Mortgage Write-Downs,” WBUR.org (March 23, 2012)
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