DiMarco Says NO ! Fannie & Freddie No Principal Reductions

Yes, he's getting crap from both sides for sure. But, acting director of the FHFA will not allow Fannie/Freddie loans to do principal reductions.

His reasoning makes some sense, but for the people that have a Freddie or Fannie backed loan? They just have to keep paying until their home appreciates again. Until that time, DiMarco just didn't feel it was appropriate to burden tax-payers anymore.

Full articles here: L.A. Times ~ No Principal Reduction for Freddie or Fannie

and here: Housing Wire ~ Reaction to No PR

Hard news to swallow after one of my peeps just got a 217k principal reduction.....