Fannie, Freddie Will Not Forgive Underwater Debt

Despite rumors to the contrary sweeping Wall Street and Washington, D.C., the White House says it is not planning to order Fannie Mae and Freddie Mac to forgive a portion of the mortgage debt of millions of people who owe more than their homes are worth.

“The administration is not considering a change in policy in this area,” said Treasury spokesman Andrew Williams.

Mortgage bond prices stabilized after that rumor was quashed.

Source: Reuters News (08/05/2010)

Author: niaknowles

From Native New Yorker (Brooklyn) to Atlanta Realtor, with a love for architecture and design. Atlanta based Real Estate Consultant working to restore and sell Intown Homes; REO,South West (Westside,West End, Westview Communities 30310,30311,30314,30318 zip codes)

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