FHFA delays principal reduction ruling

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One of the most frustrating parts of representing homeowners facing foreclosure over the past six years has been the steadfast refusal of the two biggest players in the mortgage marketplace, Fannie Mae and Freddie Mac, to allow for the reduction of principal on mortgages under their ownership or control..

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FHFA refuses principal reduction for Fannie, Freddie. But Treasury was thought to send $3.8 billion in the higher incentives for the write-downs. The program would therefore cost taxpayers a net $2.1 billion. According to a separate letter from Michael Stegman, counselor for housing finance policy at the Treasury,

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Ocwen Donates $200K to Foreclosure Prevention Field Services Provider Donates $150,000 to Cleveland. – Field Services Provider Donates $150,000 to Cleveland Foreclosure Prevention. On Friday, the nation’s largest privately-held mortgage field services company said that it had donated $150,000 to Cuyahoga County’s foreclosure prevention program. cuyahoga county, home to one of the nation’s highest foreclosure rates, includes Cleveland.

borrower-homeowner under the Federal Housing Finance Agency’s (FHFA’s) Principal Reduction Modification Program (PRMP) a notice in conjunction with a written Trial Period Plan (TPP) or, for a borrower-homeowner in an active TPP, a separate notice in a written opt-out letter outlining the terms and conditions of the permanent mortgage

Appeals Court Finds FHFA Structure Unconstitutional. A recent ruling by a New York Judge had also upheld a previous ruling that said the Bureau of Financial Protection (BCFP) was unconstitutional for the same reason. Read the detailed ruling and background of the case here.

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DeMarco rejected the two House members’ suggestions that the FHFA was stonewalling the committee’s review of the agency’s stance on allowing Fannie and Freddie to engage in principal reductions.

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Hilariously, FHFA announced a separate initiative with the Treasury Department to streamline short sales, which of course are a form of principal reduction (the borrower sells the house at a price.