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OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

Daily Real Estate News  |  December 10, 2010  |   Agencies Clash Over Mortgage Relief
The two federal agencies charged with setting housing policy are at odds over a new program aimed at assisting borrowers whose homes are "underwater," or worth less than what is owed on the mortgages.

The Federal Housing Administration believes the program, which launched in September, could avert a large number of foreclosures by allowing some underwater borrowers who are current on their mortgages to refinance into more affordable loans with a smaller balance and lower interest rate.

But the Federal Housing Finance Agency is worried that the program could turn into a costly and logistical mess if its scope is widened to include Fannie Mae and Freddie Mac.

Source: Washington Post, Dina ElBoghdady and Zachary A. Goldfarb (12/10/10)

© Copyright 2010 Information Inc.

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