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TheCountOfNowhere

Fannie, Freddie To Cut Mortgage Balances For Thousands Of Homeowners

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What are the criteria? Can't see full article.

Fewer than 50,000 “underwater” homeowners, who owe more than their homes are worth and are already behind in their mortgage payments, will likely be eligible, people familiar with the matter said.
[F&F] would also forgive principal only in cases where they determine the companies would lose less money with that option than foreclosure or other foreclosure-prevention methods. In addition, the new program will likely be limited to mortgages whose outstanding principal balance is under a certain dollar amount, people familiar with the matter said.
Because of the plan’s restrictions, it won’t have a significant impact on the national housing market, said Moody’s Analytics chief economist Mark Zandi.

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Seems like up to 50,000 of the most struggling non-performing underwater loans of low balances will be assessed for a reduction. Bit misleading headline, it seems that they are taking a business decision on write offs vs recoverable costs in foreclosure.

Still, wonder how other currently performing mortgage holders who are under pressure might view this development...

Edited by The Knimbies who say No

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Seems like up to 50,000 of the most struggling non-performing underwater loans of low balances will be assessed for a reduction. Bit misleading headline, it seems that they are taking a business decision on write offs vs recoverable costs in foreclosure.

Still, wonder how other currently performing mortgage holders who are under pressure might view this development...

Or those who stayed out of the insane global marketplace because it was unaffordable.

May as well have just piled in then got a favourable write off. Win/win.

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