FHFA (Ed DeMarco) Rejects U.S. Treasury Request for Mortgage Debt Writedowns


FHFA (Ed DeMarco) Rejects U.S. Treasury Request for Mortgage Debt Writedowns

FHFA (Ed DeMarco) Rejects U.S. Treasury Request for Mortgage Debt Writedowns

Wait…BUT Internal Documents Show Fannie Mae Believed Principal Reduction Would Save Taxpayers Money


Fannie Mae (FNMA) and Freddie Mac won’t forgive principal on delinquent mortgages they guarantee even as the U.S. Treasury Department is offering incentive payments for writedowns, the companies’ regulator said today.

Months of analysis showed there would be no clear benefit to taxpayers if the Federal Housing Finance Agency were to change its longstanding policy barring the government-owned mortgage-finance companies from loan modifications that include debt writedowns, Edward J. DeMarco, the agency’s acting director, said today said at a briefing with reporters.

“We concluded the potential benefit was too small and uncertain relative to unknown costs and risks,” DeMarco said.


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5 Responses to “FHFA (Ed DeMarco) Rejects U.S. Treasury Request for Mortgage Debt Writedowns”

  1. Sarah says:

    Let’s change the Bankruptcy code to something fair, that way the Banks will pick up the tab. An excellent way to begin the breakup of TBTF. A cloying wretch like DeMarco would agree if it suited his career. For obvious reasons, he’s been designated by the media as the decider, this is because corruption in the Administration needs to continue without the housing “nusiance” getting in the way. Obama supports the Banksters as they support him and/or Romney. The Justice department can continue to do nothing, and the economy performs to the 1%’s expectations.

  2. Elaine says:

    Really Ed? “We concluded the potential benefit was too small and unrelative to uncertain costs and risks.” What kind of double speak is this? This is bullshit! “The potential benefit was too small” to whom! To the banks? …”and unrelative to uncertain costs and risks.” WTF!? Ed can you be a little more clear? Hos is it that this fucking guy gets to call the shots while the rest of the economy is in limbo?

  3. Joni Brit says:

    Without the availability of servicing records the deck will always be made to look stacked against the mortgagee. Most mortgage backed securities are not FNMA backed including all the Bear Stearns Bonds and REITS now trading on Nasdaq, this actually makes many refinances invalid, because they are actually decoy assignments.

  4. Joni Brit says:

    Sorry, typo here, most mortgage backed Securities and REITS, from 1998 on ARE most definitely FNMA protected, making the refinance an Assignment from one FNMA Bond or Government security to another, rather than a refinance. In situations where the refi is a MERS it cannot be a decoy assignment though.
    Sounds to me like a good reason to keep MERS around if I were FNMA, heck of a lot of refis could be decoy assignments if not for MERS, and invalidated.

  5. Joni Brit says:

    APN 4911131 is on schedule A of Loan Mod that DeMarco signed with wells Fargo at the RJI under threat of foreclosure.they could lose a motion for no standing


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