Fannie, Freddie Pressed to Reduce Mortgages

Source: Wall Street Journal, Nick Timiraos, Alan Zibel (12/08/10)

The Obama administration is pressuring Fannie Mae and Freddie Mac to write down "underwater" home loans through fledgling FHA and Treasury programs. The aim of the initiatives is to reduce loan balances, which Fannie Mae and Freddie Mac have been reluctant to do because it would deepen their losses. However, the Obama administration wants to reduce the threat to the housing market posed by home owners believed to be at risk of default should their personal finances or home prices worsen.

Do you think this latest attempt to force lenders to work with homeowners will work?

Or do you think this is just another way to quiet the American public while nothing changes?

I don't know...All I know is that we have been able to help homeowners eliminate their toxic debt via short sale. They get a fresh start and are able to start mending their credit and their cash flow. Not everyone will qualify or should even do a short sale, so call us to for your free evaluation. If you qualify we will be able to work with your lenders free of charge. Our commissions are paid by the lender at close of escrow. If you don't qualify we will refer you to qualified bankruptcy and real estate attorneys that can review your case.

Michael-Edward Cruz
Broker Associate with Solutions Real Estate
Lic 01758933
1-800-374-9110
www.mikerebroker.com

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