Fannie, Freddie loan write-downs rejected

The Federal Housing Finance Agency announced Tuesday, July

advertisement | advertise on newsday

The Federal Housing Finance Agency announced Tuesday, July 31, 2012, that it won't allow loan-giants Fannie Mae and Freddie Mac to cut principal on mortgages that are worth more than the property. (Credit: iStock)

A federal regulator is standing by its decision to bar Fannie Mae and Freddie Mac from reducing principal for borrowers at risk of foreclosure, resisting pressure from the Obama administration. The Federal Housing Finance Agency announced the decision Tuesday after months of considering the option. The agency's acting director, Edward DeMarco, has long opposed allowing Fannie and Freddie to offer...

Optimum Online customers get unlimited digital access

Log in

There's more to the story! Subscribe now.

Get unlimited digital access $14.99 A MONTH

Join Now

To continue reading, Newsday subscribers log in

To continue reading, Newsday subscribers log in or register

Get the Biz Briefing newsletter!

The latest LI business news in your inbox daily.

Comments

Newsday.com now uses Facebook for our comment boards. Please read our guidelines and connect your Facebook account to comment.