Ed DeMarco, the Acting Director of the Federal Housing Finance Agency for the past three years, will deliver a speech today at the Brookings Institution that leans in the direction of allowing principal reduction on Fannie and Freddie-backed loans in certain cases. This is definitely a crack in the otherwise rigid objection to principal reduction on these loans, but his preliminary analysis suggests the idea may not produce that great an effect.
|By: David Dayen Tuesday April 10, 2012 1:30 pm|
|By: David Dayen Tuesday March 13, 2012 9:15 am|
Part II in this series discusses credits the banks get towards meeting their multi-billion dollar settlement obligations. The federal government and state AGs want you to assume that means a set amount of principal reductions that the banks will grant. But in reality, the banks can employ a variety of non-modification strategies to receive credit toward the settlement, including a number of routine actions they would probably undertake whether or not there was a settlement in place.
|By: David Dayen Saturday March 3, 2012 1:00 pm|
Only thing is, the Hardest Hit Fund apparently has the same kind of miserable success rate as HAMP.