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

But DeMarco has steadfastly refused out of concern that it would increase the cost of the taxpayer bailouts of Fannie and Freddie. As of June 20, taxpayers have pumped $188 billion into. qualify.

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 · The U.S. overseer of Fannie Mae and Freddie Mac, visiting Detroit to promote aid for underwater homeowners who’ve kept up loan payments, found himself confronted by protesters complaining that.

The FHFA stands firm The Federal Housing Finance Agency (FHFA), the conservator of Fannie Mae and Freddie Mac told lawmakers in a letter today that forcing the two to write down the principle on.

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 · But he left open the possibility that "Fannie Mae and Freddie Mac might apply principal forgiveness.” DeMarco said he expected to wrap up the agency’s.

GSE Reform: FHFA Should Not Pursue Mortgage Principal. –  · The FHFA estimates that the operational costs for supporting and executing the policy range between $70 million and $90 million just for Fannie Mae and Freddie Mac with a.

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They pointed out that the risk to taxpayers from such a program was great and cited a recent letter from DeMarco to oversight committee ranking member elijah cummings (D-MD) indicating the total cost of principal forgiveness required to mortgages in line with present property values approaches $100 billion.

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.

The Federal Housing Finance Agency will decide this month whether Fannie and Freddie. allowing principal reduction after internal studies showed that alternatives such as adjusting monthly payments.

Reducing mortgage principal on government-owned mortgages would cost $100 billion, making it an unlikely option, a federal housing regulator said Monday. In response to a request from lawmakers.

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MBA: mortgage applications down 18.6% last week As for mortgage rates, Freddie Mac reported the 30-year fixed-rate mortgage (frm) averaged 4.07 percent for the week ending May 16, down from last week when it averaged 4.10 percent. The 15-year FRM this week averaged 3.53 percent, down from last week when it averaged 3.57 percent.

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.