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

The FHFA delayed its ruling for allowing Fannie and Freddie Mac to participate in the hamp principal reduction effort. In a speech earlier in April, DeMarco said preliminary analysis could save the.

[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.

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, according to an analysis released by the.

Principal Reduction Program Keep Your Home California | CA MORTGAGE BROKER FHFA estimates principal forgiveness for all of these mortgages would require funding of almost $100 billion to pay down the loans to the value of the homes securing them.

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FHFA told lawmakers that forbearance, which allows the borrower to reduce or suspend payments on a loan for a specific amount of time, is a less costly option. Principal forbearance limits accounting losses and allows Fannie and Freddie to recoup the principal at some later point, according to the letter.

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Elijah Cummings, left, and Federal Housing. as $100 billion. Fannie and Freddie so far have cost taxpayers $183 billion as of Dec. 14. However, Cummings’s letter said that internal documents show.

A principal reduction program for underwater loans held by Fannie Mae and Freddie Mac could cost the government-sponsored enterprises more than $100 billion, according to Federal Housing Finance.

DeMarco has opposed principal reductions for two reasons: first, because he thinks it would cost Freddie and Fannie too much up front, perhaps $100 billion; and second, because he believes. Thus, DeMarco went from arguing that principal reductions would damage the GSEs and cost $100 billion to speculating that the same reductions could actually stick an extra billion into the FHFA’s piggy bank.

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.

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