Faulty reasoning keeps Fannie and Freddie out of foreclosure deal

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Faulty reasoning keeps Fannie and Freddie out of foreclosure deal

Faulty reasoning keeps Fannie and Freddie out of foreclosure deal

The chief regulator and conservator of Fannie Mae and Freddie Mac is adamantly opposed to principal forgiveness, a key element of the foreclosure settlement. But analyses show he’s wrong.

LA TIMES-

You can love or you can hate the recent $25-billion federal-state mortgage foreclosure settlement, but there’s no getting around one simple fact: There’s a huge, gaping hole right in the middle of it.

The hole is that if your home loan has been bought from your lender by Fannie Mae or Freddie Mac, you’re not eligible for the mortgage relief encompassed by the deal.

Since Fannie and Freddie control well more than half of all outstanding mortgages, this shortcoming looks to be what engineers would call “non-trivial.”

[LA TIMES]

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