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The regulator for Fannie Mae and Freddie mac told lawmakers that forcing the two mortgage firms to write down loan principal would require more than $100 billion in fresh taxpayer funds.
One of the three facilities is a secured liquidity facility, which will be not only for Fannie Mae and Freddie Mac, but also for the 12 Federal Home Loan Banks that are regulated by FHFA. Government support for Fannie Mae and Freddie Mac. In addition to the government conservatorship, which CBO estimates will increase the federal government’s net liabilities by $238 billion, several government agencies have taken steps to increase liquidity within Fannie Mae and Freddie Mac. Among these.
the federal housing finance agency (FHFA) to put Fannie and Freddie into.. would lower mortgage costs both because the government can absorb credit. MBS – a private guarantor putting together an MBS with $100 million.. that expected losses are 40 basis points of the principal balance ($400 million per annum),
The critical point made in the Democratic Congressmen’s letter to FHFA is this: Director DeMarco’s widely reported claim that principal write-downs on Fannie and Freddie mortgages will cost taxpayers $100 billion is simply false. There are two reasons the statement is a complete misrepresentation.
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[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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FHFA refuses principal reduction for Fannie, Freddie. Thus, the net benefit to taxpayers would be $1 billion after the $3.6 billion in savings to Fannie and Freddie is factored in. (Click on the graph below to expand.) Less than 10% of the $29.9 billion Congress allocated to HAMP has been spent.