FHFA: Principal reduction would cost Fannie, Freddie $100 billion

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The FHFA stands firm The Federal Housing Finance Agency (FHFA), the conservator of Fannie Mae and Freddie Mac told lawmakers in a letter today that forcing the two to write down the principle on.

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The regulator for Fannie Mae and Freddie Mac told lawmakers that forcing the two mortgage firms to write down loan principal would require more than $100 billion in fresh taxpayer funds.

Former FHFA Director Edward DeMarco refused to consider principal reductions, arguing that it might cost taxpayers even more after they had already spent nearly $188 billion to save Fannie and.

So if proponents of principal reduction are correct, implementing such a plan through Fannie and Freddie. FHFA made in April that principal reduction wouldn’t be cost effective: “In April, the.

FHFA Says Principal Reductions Would Cost Taxpayers $100 Billion. By Anthony Randazzo January 23, 2012

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 · Fannie Mae and Freddie Mac have already cost US taxpayers over $200 billion. If Obama gets his way on mortgage writedowns, the GSEs estimate it would take another $100 billion. Since such estimates are always overly-optimistic by a factor of 3 to 10, I estimate the cost to taxpayers would be $300 billion minimum.

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Principal Reductions a Day Late and a Dollar Short FHFA . noted that the $3.8 billion in principal reduction incentives that would be paid by the Treasury Department would more than offset those savings, with taxpayers paying a net cost of $2.1 billion.

The Federal Housing Finance Agency announced the decision Tuesday after months of considering the option. The agency’s acting director, Edward DeMarco, has long opposed allowing Fannie and Freddie to.

Rather than highlighting these and other pertinent facts, you chose to begin your letter with a highly inflammatory statement that was quickly cited by the press-that it would cost American taxpayers $100 billion to reduce principal on all three million underwater mortgages owned or guaranteed by Fannie Mae and Freddie Mac.

FHFA told lawmakers that forbearance, which allows the borrower to reduce or suspend payments on a loan for a specific amount of time, is a less costly option. Principal forbearance limits accounting losses and allows Fannie and Freddie to recoup the principal at some later point, according to the letter.

Former FHFA Director Edward DeMarco refused to consider principal reductions, arguing that it might cost taxpayers even more after they had already spent nearly $188 billion to save Fannie and.