FHFA Announces Principal Reduction Plan on April 14, 2016 Mortgage , Newsbytes Borrowers who are seriously delinquent on loans owned or guaranteed by Fannie Mae or Freddie Mac may be eligible for a one-time principal reduction to help them avoid foreclosure and stay in their homes, the Federal Housing Finance Agency announced today .
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· Since the Secretary raised the possibility of a [principal reduction] covenant, DeMarco no longer sees the urgency of amending the PSPAs this year.” One of Mr. DeMarco’s stated reasons for being willing to delay the PSPA amendments was that “the GSEs will be generating large revenues over the coming years, thereby enabling them to pay the 10% annual dividend well into the future even with.
The FHFA has determined that borrowers eligible for principal reduction tend to be concentrated in communities across the country that have not yet fully recovered from the foreclosure crisis.
borrower-homeowner under the Federal Housing Finance Agency’s (FHFA’s) Principal Reduction Modification Program (PRMP) a notice in conjunction with a written Trial Period Plan (TPP) or, for a borrower-homeowner in an active TPP, a separate notice in a written opt-out letter outlining the terms and conditions of the permanent mortgage
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– The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac will offer principal reduction to certain seriously delinquent, underwater borrowers who are still struggling in the aftermath of the financial crisis to help them avoid foreclosure and stay in their homes. The new Principal Reduction Modification program is a one-time offering for borrowers whose loans are owned or guaranteed by Fannie Mae or Freddie Mac and who meet specific eligibility criteria.
In a statement issued by the Federal Housing Finance Agency (FHFA) in early April, the Principal Reduction Modification program was introduced. Representing the first loss mitigation effort specifically designed to forgive principal or payment in arrears, this new program has the potential to assist over 30,000 eligible borrowers.
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One of the most frustrating parts of representing homeowners facing foreclosure over the past six years has been the steadfast refusal of the two biggest players in the mortgage marketplace, Fannie Mae and Freddie Mac, to allow for the reduction of principal on mortgages under their ownership or control..