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Ed DeMarco surely looks out as FHFA director as the White House leaks its intention to nominate...

Ed DeMarco surely looks out as FHFA director as the White House leaks its intention to nominate a replacement early next year. DeMarco has made no friends in the administration, refusing to sign off on its hope of a principal-reduction program for mortgages. Principal reductions could mean big losses for owners of MBS - mREITs, banks, and the Fed (only one of whom probably doesn't care).
Comments (10)
  • Whitehawk
    , contributor
    Comments (3129) | Send Message
     
    A property rights issue TBS.
    10 Dec 2012, 05:51 PM Reply Like
  • winningtrader
    , contributor
    Comments (2476) | Send Message
     
    No problem, the FED can fund all that with printed money. Problem solved. QE infinity and beyond. What is next? Strong candidates:
    - Student loans.
    - Post Office.
    - Pensions.
    - Illinois.
    - California.
    The list goes on and on.
    10 Dec 2012, 06:17 PM Reply Like
  • Hendershott
    , contributor
    Comments (1610) | Send Message
     
    Principle reductions, loan modifications, short sale approvals etc. have made the flood of foreclosures disappear and have helped prices recover. Good for homeowners and the US economy.
    10 Dec 2012, 07:13 PM Reply Like
  • BruceInKY
    , contributor
    Comments (437) | Send Message
     
    Good for the banks and perhaps some realtors, not for the homeowners who've lived within their means.
    10 Dec 2012, 09:57 PM Reply Like
  • marketwatcher23
    , contributor
    Comments (1230) | Send Message
     
    I put down a big down payment, have excellent credit and work and pay my taxes and mortgage on time every month. I am very eager to get my principal reduced. I am staring at the phone. They should be calling any second.
    10 Dec 2012, 08:04 PM Reply Like
  • caupachow
    , contributor
    Comments (460) | Send Message
     
    I wouldn't hold my breath marketwatcher23. If Hendershott (post before yours) had their way maybe your mortgage would just be forgiven. That would REALLY be good for homeowners and the economy! "They walk amongst us."
    10 Dec 2012, 08:16 PM Reply Like
  • Hendershott
    , contributor
    Comments (1610) | Send Message
     
    You might have to lose your job just for starters.
    10 Dec 2012, 08:28 PM Reply Like
  • mweaver
    , contributor
    Comments (201) | Send Message
     
    the real goal of the obamanistas
    is free houses.
    10 Dec 2012, 09:22 PM Reply Like
  • wjb654
    , contributor
    Comment (1) | Send Message
     
    Wow! Comrades we will all be soon! Soon we will all be trading our dollars at the rate of 1000 per 1 yuan! Maybe by the year of the dog.
    11 Dec 2012, 01:43 AM Reply Like
  • getbeach
    , contributor
    Comments (28) | Send Message
     
    Agency mREITs will not be affected at all by principal reductions because the GSEs (FannieMae/FreddieMac) would be responsible for any losses.
    Would that big a government giveaway be approved now? Doubtful!!
    11 Dec 2012, 02:54 AM Reply Like
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