Fannie Mae, Freddie Mac May Forgive Principal On Mortgages

Fannie Mae, Freddie Mac May Forgive Principal On Mortgages
Market News
Like Us On Facebook
Like Us On Facebook

Officials at Fannie Mae and Freddie Mac, the government-sponsored enterprises taken into conservatorship in September 2008, may change their position on the use of forgiving principal as a foreclosure prevention tool, USA Today reports.

The Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, may decide later this month, said Edward DeMarco, director of the FHFA while speaking Tuesday at the Brookings Institution.

A recent study found the mortgage giants, which guarantee about 60 percent of all mortgages, could save $1.7 billion if they forgave principal on some distressed mortgages.

Phoenix Business Journal

Share Tweet
React
Like Us On Facebook
Like Us On Facebook

Preston Waters

Preston Waters is a thinker. He's not your traditional philosophical persona, however, as he leaves no topic untouched. Covering all the bases, from business to women, Preston Waters is the ultimate man's man for Gen-Y.

More In Market News

News Preston Waters

Stocks Off to Stellar Start in May

Stocks were kicking off May in high style Tuesday, posting sharp gains after a much better-than-expected report on U.S. manufacturing activity. The Dow Jones Industrial Average was rising 103 points, or 0.8%, at 13,317, after hitting a four-year high at 13,338. The S&P 500 was up 14 points, or 1%, at 1413, and the Nasdaq was adding 23 points, or 0.7%, at […]

News Preston Waters

Bank Of America, JPMorgan: Dow Midday Movers

U.S. stocks were rising in midday action Tuesday following a better-than-expected read on U.S. manufacturing activity.The Dow Jones Industrial Average was up more than 116 points, or 0.9%, at 13,330. The biggest percentage gainers within the Dow were Bank of America (BAC), JPMorgan Chase (JPM) and Intel (INTC). Shares of Bank of America rose 2.59% to $8.32. The bank said Tuesday it plans to lay […]

News Preston Waters

Monster Stocks Soar Amid Rumors Coca-Cola Is Set To Buy Energy Drink

Monster Beverage Corp’s shares soared on Monday following a report that Coca-Cola Co. was considering buying the energy drink maker. The Wall Street Journal cited unnamed people in reporting that the world’s biggest soft drink maker was in talks to buy Monster. If a deal transpired, Monster would be Coca-Cola’s largest brand acquisition ever. Monster declined […]

News Preston Waters

Stocks Surge After Strong Manufacturing Report

Stocks were surging in morning action Tuesday after a much better-than-expected report on the pace of national manufacturing activity in April.The Dow Jones Industrial Average was rising 80 points, or 0.6%, at 13,294. The S&P 500 was up 12 points, or 0.8%, at 1410, and the Nasdaq was adding 29 points, or 1%, at 3075. Stocks finished modestly lower Monday, marking […]

News Preston Waters

Bank Of America Keeps Shrinking

Bank of America (BAC)’s plan to lay off some of its highest-paid executives looks like the right response to the current banking environment. The Wall Street Journal reported Tuesday the bank will cut 2,000 positions in its investment banking, commercial banking and non-U.S. wealth-management units targeting “the high-earning employees whose efforts helped Merrill Lynch account for the bulk of […]

News Preston Waters

Stock Market Story: May 1

The first trading day of May got off to a mixed start early Tuesday with all three major U.S. equity indices honing to close to the flat line ahead of a key report on the pace of U.S. manufacturing activity in April. The Dow Jones Industrial Average was down 9.5 points, or 0.07%, at 13,204.The S&P 500 was up less than a […]

Also On Elite

World

Mom Hides Infant Daughter In Toilet Right Before Dying From Being Shot By Boyfriend

An Atlanta woman saved her infant daughter’s life by hiding her in the toilet just before succumbing to a fatal gunshot wound. Jessica Arrendale, 33, and boyfriend Antoine Davis, 30, went out for the night on September 13, WSB Radio reports. Davis, a former Marine, became violently drunk and started assaulting Arrendale when they got […]

World

Man Who Brought Ebola To US Will Be Prosecuted For Lying About Being Exposed

Thomas Eric Duncan, the first person diagnosed with Ebola in the US, will be prosecuted when he returns home to Liberia after lying on a screening questionnaire at a Liberian airport. According to the Huffington Post, all people leaving the highly affected West African nation are screened for symptoms and made to fill out a […]

World

Woman Pens Powerful Open Letter To The Unborn Child She Plans To Abort

A Reddit user has written a heartrending letter to the child she will abort next week. The woman, who goes by the username scaredthrowingaway, writes that she truly wants nothing more than to be a mother. But because she hopes to give her child a bright future, she can’t have a child right now. Reddit […]

World

Nurse With Ebola Flew On A Plane One Day Before Diagnosis, Risking 132 Passengers

Earlier today, news broke of a second Ebola case diagnosed in Texas. Unfortunately, that means worry for the 132 passengers with whom she traveled on Monday. The woman, a nurse, began feeling feverish and visited the doctor yesterday. Earlier in the week, there were no symptoms of her incubating the virus. So, she boarded a […]