DeMarco says FHFA will not consider principal write-downs

Ed Demarco's Actions Inexplicable Says. – Right to the City – Though fewer than 50,000 borrowers had received a principal reduction as part of a loan modification under the program as of the end of 2012, state officials say that enough evidence has accrued to prove that loan write-downs work, and that they do not lead to a run of intentional defaults, as opponents like DeMarco claim.

The current head of FHFA, Ed DeMarco. The current head of FHFA, Ed DeMarco, has steadfastly refused to consider principal mods because he views them as a losing proposition to the taxpayer. Many Democrats have openly called for his ouster, believing he stands in the way of the housing recovery.

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Whoever succeeds current Director Mel Watt will have a. or their conservatorships are wound down, and what housing finance. winning Democratic support for any FHFA nominee will be tough, observers said, which could delay. Instead, he recommended former acting Director Ed DeMarco for the job.

 · It’s true that we don’t have good data to know precisely how homeowners will react to a principal reduction program at Fannie and Freddie. But if a principal reduction plan is, as DeMarco says it is, an argument about “which tools, at the margin” make a difference, why not give it a go? Bank of America, for one, is trying a variation of it.

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In a speech at the Brookings Institute, DeMarco engaged in a lengthy analysis of principal reductions, and while the scope of his analysis was narrow-affecting under a million homeowners-he said FHFA.

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The WSJ report quotes Stevens as saying resistance by lenders has been. Kick 'em when they're down Why not blame Fannie and Freddie for.. Assuming the borrower is paying 5.5% on the new loan, the principal must be written down.. push to get rid of Edward DeMarco," the acting director of FHFA.

"We Don’t Follow, We Lead": How New York City Will Save. –  · Introduction1 Many cities across the nation have begun to consider exercising their eminent domain authority to purchase, then write-down principal on, otherwise unmodifiable home mortgage loans facing foreclosure.2 I and several others have advocated this method and cognate uses of government authority to stabilize troubled housing markets for some years now,3 but the eminent.

Acting FHFA Director DeMarco Effectively Says No to Principal Forgiveness by GSEs In prepared remarks today, Acting FHFA Director Edward DeMarco offered preliminary thoughts on the use of Treasury incentives to forgive principal on underwater borrowers and effectively nixed the idea of broad-based principal forgiveness by Fannie Mae and Freddie.

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