Fannie Mae and Freddie Mac won't write down your loan balance - 05/27/10 08:09 PM
The Federal Government's pressure to get loan servicers and investors to reduce homeowners loan balances is getting heavier but the two biggest owners of mortgages are not listening.
Fannie Mae and Freddie Mac who are controlled by the Government are not in the business of lowering the principal balance on the loans they own. They may modify your loan and lower the interest rate though. The Obama Administration has said they would require loan servicers to "consider" lowering balances on troubled homeowners mortgages.
Essentially Fannie and Freddie would have to use tax dollars to supplement the losses of the write downs. … (0 comments)

 
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Dan Chapman

Dan Chapman Mortgage Pro

Santa Clarita, CA

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The Legacy Group

Address: 2805 Smyth Drive, Valencia, CA, 91355

Office Phone: (661) 295-4686

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This is my blog all about the world of Mortgages and financing. I will cover a variety of topics from what is happening in the current housing and mortgage market to how this affects you and your finances and what you can do to put yourself in a better situation financially. God Bless, Dan Chapman


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