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Fannie Mae Regulator Sets No-Doc Modifications For Borrowers

Wednesday, March 27, 2013 - 5:15 PM
From Bloomberg
Seriously delinquent borrowers with mortgages owned or backed by Fannie Mae (FNMA) and Freddie Mac will be able to reduce monthly payments without documenting finances under a program introduced by the companies’ regulator.
The two companies have computer programs that can detect borrowers who are likely to try to default intentionally to get a streamlined modification, the FHFA said. Whether that will be enough to prevent so-called strategic defaults by borrowers looking to qualify for help remains to be seen

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It is disappointing that borrowers continue to get bailed out at savers' expense.
Ken TuminKen Tumin5,472 posts since
Nov 29, 2009
Rep Points: 125,708