Widespread principal reductions could save taxpayers $2.8 billion

Is Fannie and Freddie Honcho Ed DeMarco. – business.time.com – Homeowners would see the amount they owe on their home drastically reduced, but the taxpayers who now own Fannie and Freddie would benefit too because principal forgiveness is the best way to avoid a costly foreclosure process. Proponents of principal reduction also believe that it would be a great way to stimulate the economy.

3 Jacob Gaffney, widespread principal reductions could save taxpayers $2.8 billion, HOUSING WIRE, May 1, 2013. 4 Lawrence Summers, Why the housing burden stalls America’s economic recovery, FINANCIAL TIMES, Oct. 23, 2011 ("Surely there is a strong case for experimentation with principal reduction strategies at the local level").

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The Department of the Treasury also issued a letter today calling on FHFA Acting Director Ed DeMarco to reconsider his decision, pointing to FHFA’s own analysis, which shows that utilizing principal reductions could save fannie mae and Freddie Mac as much as $3.6 billion, save U.S. taxpayers up to $1 billion on a net basis, and help up to.

$150 Billion in Spending Cuts to Offset Defense Sequestration Patrick Louis Knudsen No. 2744 | NOveMber 16, 2012. Washington could save taxpayers substantial sums by consolidating programs or simply. fies more than $150 billion of poten-tial spending reductions-a broad menu from which Congress should be able to find $55 billion in sav-

Fitch Sees 60% of Current RMBS Borrowers Underwater A slower cure rate among delinquent loans erased improvements in the number of loans rolling into delinquency status among US residential mortgage-backed securities (RMBS), according to Fitch Ratings.

could triple the ultimate cost of Proposition Z for taxpayers, their children and their grandchildren. The District already uses and abuses high-interest financing right now. By the time the District spends the remainder of the money approved by voters in 2008, it’s possible the Proposition Z bond program will cost taxpayers more than $14 billion

Linda Lye (CA SBN 215584) llye@aclunc.org. 16 growth and have recommended that the government implement a program of widespread 17 mortgage principal reduction. Such a program would bring the amount of debt owed by. 22 could save taxpayers .8 billion. While both homeowners and taxpayers.

4 Center for American Progress | Sharing the Pain and Gain in the Housing Market Do not have private mortgage insurance or a second lien, such as a home equity loan To be sure, we believe that principal reduction could be the best modification option for Fannie- or Freddie-backed borrowers that do not meet all of these crite-ria.