FHFA delays principal reduction ruling

The letter states, "We have long urged FHFA to provide principal reduction as a means to avoid foreclosure and stabilize families and communities. We have been greatly frustrated by the delay. Empirical evidence from other lenders demonstrated that principal reduction avoids foreclosure and enables sustainable homeownership for troubled.

One of the most frustrating parts of representing homeowners facing foreclosure over the past six years has been the steadfast refusal of the two biggest players in the mortgage marketplace, Fannie Mae and Freddie Mac, to allow for the reduction of principal on mortgages under their ownership or control..

The activists cheered. [elizabeth warren wins another battle in war on Wall Street] She scolded FHFA chief Mel Watt for postponing action on principal reduction for struggling homeowners. “Evidently.

Negative equity rate drops at a record pace Americans’ home equity near a record low. Nearly 25 percent of those homeowners are "underwater," which means they have negative equity in their homes, according to the private real estate.

Fannie Mae Introduces a Principal reduction modification program for Certain Mortgage loans april 14, 2016 As directed by its regulator, Federal Housing Finance Agency (FHFA), and jointly developed with Freddie Mac, Fannie Mae announces a new mortgage loan modification program, Fannie Mae Principal Reduction Modification.

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Florida on Wednesday will close its three largest Hardest Hit federal housing-aid programs – years early. Officials are closing three opportunities for Floridians – mortgage principal reduction,

Processing a Fannie Mae Principal Reduction Modification Updated: June 15, 2016 . This job aid has been created as a tool for servicers to assist in the implementation of the new Principal Reduction Modification announced in Lender Letter LL-2016-02. The Principal Reduction Modification is available to borrowers listed on

FICO warns mortgage, student loan delinquencies may rise Insurers, Lenders Fight Over Foreclosure’s Policy Impact Cuomo told city nonprofit agencies yesterday that he would be willing to halt Federal Housing Administration foreclosures. be turned over to HUD investigators and the agency would be asked not to.

Beginning October 15, 2016, loan servicers must begin contacting eligible homeowners about the Principal Reduction Modification program. They have until December 31, 2016 to do so, which means homeowners have a very narrow window to apply for a principal reduction. The FHFA estimates that approximately 33,000 homeowners will qualify.

After tacitly supporting the policy and hinting at a definitive approach, the FHFA has delayed its decision on principal reductions. Facing mounting support for the policy, Acting Director Ed DeMarco reversed himself somewhat in early April when he came out in favor of a principal reduction program with limited scope and specific targets among the nation’s distressed homeowners.

Ed DeMarco, acting director of the Federal Housing Finance Agency. Given the sheer size of the national mortgage market, DeMarco says a new principal reduction program “would not make a meaningful.