Regulator torpedoes Obama mortgage plan, page 1


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Topic started on 1-8-2012 @ 02:05 AM by xuenchen
Regulator torpedoes Obama mortgage plan

President Obama has been attempting to get Fannie and Freddie to use some compassion and "forgive" some mortgage debt for homeowners who have been cracked by the financial "crisis".

But Edward DeMarco, acting director of the Federal Housing Finance Agency (FHFA) say No Way José !!

Too much taxpayer money involved I think.

The "free pass" gifts have been cleverly called "principal reduction".


The Raw Story -- July 31, 2012
WASHINGTON — The US regulator in charge of state-backed mortgage firms Fannie Mae and Freddie Mac on Tuesday rejected an Obama administration plan to ease the housing crisis by forgiving some outstanding home loans.

Responding to pressure from President Barack Obama’s White House to use debt forgiveness to help heal the depressed housing market, Edward DeMarco, acting director of the Federal Housing Finance Agency (FHFA), squarely objected.

DeMarco said the independent federal agency, in charge of taxpayer-supported Fannie and Freddie after a 2008 government rescue, will not participate fully in the program aimed at preventing foreclosures.


Obama may not actually care either way.

He loses votes either way.

Regulator torpedoes Obama mortgage plan


reply posted on 1-8-2012 @ 10:54 AM by MikeNice81
reply to post by xuenchen



Why would they participate? They make more money by selling the house a second time and starting over the process from the begining. The banks make most of their money early on when most of the monthly payments are going to interest.

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