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Released: October 06, 2011
Freddie and Fannie reject debt relief
Source: Shaila Dewan, N.Y.Times (Free Registration)
Home values have fallen so much in Arizona that almost half the people with mortgages there owe more than their homes are worth. So when federal money became available to help stem the tide of foreclosures, the state flagged that group for help.
If banks would forgive some of a homeowners’ mortgage debt, the state said it would pay half, up to $50,000 of a $100,000 loan reduction. Despite the generous terms, most banks balked.
Read Full Article: Freddie and Fannie reject debt relief
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