Fannie Mae and Freddie Mac hold the majority of bad mortgages in American and several federal government attempts have been made to keep people in their homes. Banks have been borrowing money from the Federal Reserve at almost zero percent. Let Fannie and Freddie borrow at that interest rate, then offer underwater and financially troubled homeowners a very low, interest only, mortgage refinancing for a fixed time period, perhaps one, two or three years? This would simply act as a bridge loan into the future.
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