DeMarco says FHFA will not consider principal write-downs

The Obama administration signaled that it is stepping up pressure on Fannie Mae and Freddie Mac to provide mortgage-principal reductions for holders of government-backed loans, a move strongly.

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States Tell Obama to Dump DeMarco Over Principal write-downs. march 18, 2013 by Credit Union Times. Share Share Share. "Under the leadership of Acting FHFA Director Edward DeMarco, Fannie Mae.

Edward DeMarco, acting director of the federal housing finance agency (fhfa), has signaled that the agency is weighing the costs of reversing its longstanding refusal to consider mortgage principal reductions. In a speech delivered today before the Brookings Institution in Washington, D.C., DeMarco.

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Fannie Mae backed principal reductions, internal documents show Jim Puzzanghera, LA Times Fannie Mae officials supported principal reductions for some struggling homeowners in 2009 and believed they would save taxpayer money, but a pilot program set to start a year later was abruptly canceled apparently for ideological reasons, according to internal documents obtained by two House Democrats.

In these so-called principal write-downs, a portion of the loan is forgiven for someone who’s having trouble paying.. "I think DeMarco is absolutely right," says Anthony Sanders, a professor at.

sent a letter to FHFA Acting Director Edward DeMarco that accused him of canceling a 2009 pilot program at Fannie Mae that would have tested principal reduction. is ruining the country by not.

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Fannie Mae and Freddie Mac could save $1.7 billion if they forgave principal on some troubled mortgages, FHFA’s DeMarco Says Principal Forgiveness May Save $1.7 Billion. Home. Write-Downs Would Benefit Fannie, Freddie. Tuesday, 10 April 2012 10:20 AM.

Fannie, Freddie leader’s mortgage-cutting dilemma Kathleen Pender, San Francisco Chronicle Ed DeMarco, the man who oversees Fannie Mae and Freddie Mac, is still mulling whether to allow permanent principal reductions on mortgages owned or guaranteed by the taxpayer-supported entities. DeMarco, acting director of the Federal Housing Finance Agency, said he would have a decision by [.]

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Fannie, Freddie Consider Mortgage Write-Downs March 23, 2012. In these so-called principal write-downs, a portion of the loan is forgiven for someone who’s having. approach. Ed DeMarco, the head of the Federal Housing Finance Agency, controls Fannie and Freddie

The Federal Housing Finance Agency, which would have to agree to that policy change, has refused. FHFA’s acting director, Edward DeMarco, says his hands are tied by statutes that prevent FHFA from.