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Mortgages to be forgiven by Freddie and Fannie
Interesting news coming from Freddie Mac and Fannie Mae.
Fannie Mae and Freddie Mac could forgive mortgage principal for thousands of borrowers under a new plan to be rolled out by their regulator, the Federal Housing Finance Agency, as soon as Thursday, according to people familiar with the matter.  The plan is likely to draw ire from consumer advocates who will think it’s not enough to address the problem, as well as from some taxpayer advocates frustrated that the bailouts keep coming years after the housing crisis ebbed.  In all, about 4.3 million borrowers owed more than their homes were worth at the end of 2015, according to real estate data firm CoreLogic, down from 12 million in 2009.  Under the plan, the existence of which was earlier reported in The Wall Street Journal, borrowers would be eligible to have some of their mortgage principal forgiven if they have a loan whose balance is less than $250,000, the people said. Borrowers would need to owe more than their homes are worth and already be at least 90 days delinquent on mortgage payments. After the reduction in principal, they still would owe 15% more than their homes are worth, the people said.  The ... more

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