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The regulator of Fannie Mae and Freddie Mac says it would cost $100 billion to reduce the principal for its underwater homeowners to the value of their homes, according to a letter to a Congressman released Monday.
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The FHFA said it would cost Fannie Mae and Freddie Mac an additional $100 billion to write down all 3 million underwater loans to the value of the homes securing them. However, far fewer loans would actually be candidates for principal forgiveness, even if FHFA changes it policy.
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"The fact that FHFA continues to consider principal forgiveness. he estimated the cost of paying down all 3 million of Fannie and Freddie’s underwater mortgages to the homes’ value at nearly $100.
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.
using FHFA’s house price index. fhfa estimates that principal forgiveness for all of these mortgages would require funding of almost $100 billion to pay down mortgages to the value of the homes securing them. This would be in addition to the credit losses both Enterprises are currently experiencing.
Currently, 18 states and the District of Columbia are participating in the $7.6 billion. of the cost of principal reduction, which can reach $100,000 per loan. An FHFA program could take the same.
It would cost Fannie Mae and Freddie Mac almost $100 billion to write down the principal on the underwater loans they control to current market values, according to a new estimate released by the Federal Housing Finance Agency.. The $100 billion tab – on three million loans – would have to be paid by taxpayers in "addition to the credit losses both Enterprises are currently experiencing.
But, in a statement to ProPublica and NPR, ProPublica ""reported"":http://www.propublica.org/article/fannie-and-freddie-slashing-mortgages-is-good-business that DeMarco said, ""As I have stated.
DeMarco has opposed principal reductions for two reasons: first, because he thinks it would cost Freddie and Fannie too much up front, perhaps $100 billion; and second, because he believes.