Pam Marron Home Lending

FHFA Director Watt: Expect Decision on Principal Reduction within 30 Days

March 29, 2016 by · Leave a Comment 

In remarks delivered at a luncheon sponsored by Women in Housing and Finance last week, FHFA Director Mel Watt acknowledged that the “FHFA has received substantial criticism, both before and since I became the Director” for not allowing the GSEs to offer principal reduction as a part of their loss mitigation strategy.  However, Watt was quick to point out that the FHFA staff has been “methodically studying” the issue since he became Director two years ago seeking a “win-win” strategy – one that “would benefit both borrowers and the Enterprises” and that he “expect[s] to announce a decision within the next 30 days about whether we have been able to find a ‘win-win’ principal reduction strategy or whether, on the other hand, we will take principal reduction off the table entirely.”  He added: “stay tuned for more on this in the near future.”

The complete text of Watt’s prepared remarks are available at:

http://www.fhfa.gov/Media/PublicAffairs/Pages/Mel-Watt-Prepared-Remarks-WHF-Public-Policy-Luncheon-3-22-16.aspx

6.4 million Homeowners underwater nationally and most are desperately trying to stay put!

March 29, 2016 by · Leave a Comment 

The housing crash might seem like old news, but for families left behind by the recovery it remains a defining economic reality, with negative equity preventing moves and limiting choices in life.

 Seven years after the Great Recession, some Chicago suburbs may never recover

Chicago Tribune   By Kim Janssen    March 26, 2016

 It is time to get changes made for underwater homeowners; Still 6.4 million underwater nationally, and most are desperately trying to stay put!