FHFA: Principal reduction would cost Fannie, Freddie $100 billion

Baker said that the program, which would be run by the government mortgage financier Federal Housing Administration. In a recent study, DeMarco said cutting principal would cost taxpayers $100.

[Edward] DeMarco [the interim head of the Federal Housing Finance Agency (FHFA), says principal reduction could cost taxpayers $100 billion. Some economists counter that while principal reductions might lead to a short-term hit for Fannie and Freddie, it would ultimately result in fewer underwater mortgages, fewer foreclosures and a healthier.

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In a January analysis sent to Congress, FHFA said it would cost Fannie Mae and Freddie Mac an additional $100 billion to write down all 3 million underwater loans to the value of the homes securing them. Far fewer loans would actually be candidates for principal forgiveness, even if FHFA changes its policy.

The Bureau of Consumer Financial Protection (Bureau) is amending Regulation Z, which implements the Truth in Lending Act (TILA). Regulation Z currently prohibits a creditor from making a higher-priced mortgage loan without regard to the consumer’s ability to repay the loan. The final rule.

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The decision was based on concern that a reduction could negatively. by President Bush and was the FHFA’s acting director, resisted pressure from the Obama administration to allow Fannie and.

That, in turn, would help taxpayers, who bailed out the companies at a cost of more than $150 billion. previously, FHFA is considering HAMP incentives for principal reduction and we have been.

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Former FHFA Director Edward DeMarco refused to consider principal reductions, arguing that it might cost taxpayers even more after they had already spent nearly $188 billion to save Fannie and.

Principal Reduction Modification. The Federal Housing Finance Agency (FHFA) undertook an extensive evaluation to determine whether to implement a Principal Reduction Modification program for seriously delinquent, underwater borrowers whose loans are owned or guaranteed by Fannie Mae or Freddie Mac (the Enterprises).

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A massive principal reduction program applied to underwater loans held by Fannie Mae and Freddie Mac would cost the mortgage giants more than $100 billion, says to an analysis released Monday by the

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