Subject: Principal Reduction

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    DeMarco Replacement Named, CBO Supports Principal Reductions

    We've heard noises before that President Obama might nominate Rep. Melvin Watt (D-N.C.) to replace Ed DeMarco as director of the Federal Housing Finance Agency, the agency the regulates Fannie Mae and Freddie Mac. I find it hard to believe…

  • Principal Forgiveness: Not a Complicated Matter

    I’m looking at loan modification papers for homeowners who recently came to ESOP for help on their delinquent mortgage.  I’m struggling to understand what I’m looking at because it seems to be a mistake.  It must be a mistake.  A…

  • FHFA: Get in the Business of Restoring Home Opportunity

    It is disheartening to watch the enormous diversion of attention and energy focused on persuading the Federal Housing Finance Agency to give Fannie Mae and Freddie Mac the green light to use a proven tool – principal reduction – to…

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    Effective Housing Reform Includes Loan Forgiveness

    In April, when Ed DeMarco, the acting director of the FHFA, offered consummately ambiguous remarks during a Brookings Institute event, he spoke from a PowerPoint of figures charting whether or not principal reduction would be good for taxpayers, leaving attendees…

  • No More Excuses: Principal Reduction Will Give Relief to American Homeowners

    One by one, the excuses have fallen. Yet Edward DeMarco, acting head of FHFA, the agency that runs Fannie Mae and Freddie Mac, still fails to offer the most effective relief available to American homeowners struggling with mortgages held by…