Feeling tired and rundown because you have an out of shape mortgage? The FHFA is working on a plan for you to shed those excess dollars on your mortgage:
WASHINGTON, Oct 26 (Reuters) – The regulator for Fannie Mae and Freddie Mac was reviewing a proposal to help troubled homeowners by forgiving a portion of their outstanding mortgage debt, Democrats in the U.S. House of Representatives said on Wednesday.
The head of the Federal Housing Finance Agency (FHFA), which oversees the mortgage-financing companies, met with 19 Democrats and discussed a proposal that would allow bankruptcy judges to reduce principal amounts on loans.
Representative Elijah Cummings, the top Democrat on the House Oversight and Government Reform committee, set up the meeting to discuss ways to dampen the foreclosure crisis.
Mortgage principal reduction is currently a voluntary process, often not taken by the lender. As the Obama administration moves towards helping more borrowers refinance, talks of principal forgiveness have reemerged, seen by some as an effective tool in slowing the pace of foreclosures.
If you are worried that you can’t afford this plan, don’t worry. Have we got a deal for you. One way or another, the administration will find a way to make taxpayers pay for it. Oh, and don’t worry about calling in the next 20 minutes. The longer you wait, the less and inflated dollars will be worth, and the less it will cost you.
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