Many homeowners/families are deeply underwater in their mortgages and while many banks, lenders and servicers may be able to help these struggling homeowners.
Ed Demarco from FHFA has refused to allow Fannie Mae and Freddie Mac to help the homeowners with Principal reductions.
Replace Ed DeMarco !
Yet FHFA has sued plenty of banks etc and have collected millions and billions of dollars but have not trickled it down to the homeowner... why is wall Street and the bank getting away with this?
HAMP combined with principal reduction, and 2nd loan extinguishment will help the economy recover quicker.
they have slowed the process
It costs the tax payers more $ to have homes stuck in foreclosure court for years and drive down their neighborhood with this.
Allow principal reductions