Ed DeMarco, Director of the Federal Housing Finance Agency has announced that FHFA, the regulator charged with managing Fannie Mae and Freddie Mac, will not allow the two mortgage giants to write down the principal balance on tens of thousands of underwater mortgages that they currently hold.
Time To Call In The IRS To Stop The Foreclosure Crisis
April 13, 2012 by
The government’s attempts to “fix” housing, and stop the foreclosure crisis via various programs have failed miserably. We’ve seen a 7 trillion dollar loss in the value of the U.S. housing market, and trillions more spent for bank bailouts, yet home sales are down and foreclosures continue at record levels.
