http://mandelman.ml-implode.com/2012/09/fhfa-looking-to-jail-strategic-defaulters/
The Federal Housing Finance Administration (“FHFA”), which is the
agency created to oversee Fannie Mae and Freddie Mac… the one run by
perhaps the least popular man in America for his refusal to allow
Freddie or Fannie to grant principal reductions… Ed “It’s a Matter of Principal” De Marco… is back in the news.
Nothing to do with principal reductions on GSE loans (those owned by
Fannie or Freddie), this time it’s even more offensive, if you can
imagine that.
A reader brought the story to my attention (Hat tip to Deontos) and if it hadn’t appeared in the Chicago Tribune, I’m not sure I would have believed it.
Apparently, the Feds have announced that they are coming after
“strategic defaulters,” who they define as people who’ve decided to walk
away from mortgages even though they could afford to continue paying
their payments.
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