From the Chicago Tribune:
Financially strapped borrowers whose mortgages are backed by Fannie Mae and Freddie Mac will not be allowed principal reductions to help save their homes from foreclosure, a decision that will impact consumers as well as communities.
Federal Housing Finance Agency acting Director Edward DeMarco said Tuesday that forgiving a portion of the amount due on a mortgage, one component of the federal government’s home mortgage modification program, “would not make a meaningful improvement in reducing foreclosures in a cost-effective way for taxpayers.”
And the One and his minions are NOT happy. Too bad.