FHFA interim-director Ed DeMarco rejected principal reduction earlier this year, despite objections from Congress and the White House. The 19 Democrats urge Congress and the President to agree to put $50 billion towards helping underwater homeowners pay a monthly mortgage more reflective of current market value. This would add significant revenue to local communities, help struggling homeowners keep their homes, and advance the recovery of the housing market.
Original Title
19 House Democrats Push for Principal Reduction in "Fiscal Cliff" Deal
FHFA interim-director Ed DeMarco rejected principal reduction earlier this year, despite objections from Congress and the White House. The 19 Democrats urge Congress and the President to agree to put $50 billion towards helping underwater homeowners pay a monthly mortgage more reflective of current market value. This would add significant revenue to local communities, help struggling homeowners keep their homes, and advance the recovery of the housing market.
FHFA interim-director Ed DeMarco rejected principal reduction earlier this year, despite objections from Congress and the White House. The 19 Democrats urge Congress and the President to agree to put $50 billion towards helping underwater homeowners pay a monthly mortgage more reflective of current market value. This would add significant revenue to local communities, help struggling homeowners keep their homes, and advance the recovery of the housing market.