Tag Archives: FHFA

Feds Aim to Stem Detroit’s Tide of Abandoned Homes

The federal government is pushing to eradicate a long-standing symbol of Detroit’s massive economic deterioration: the abandoned house. On Tuesday, the regulator of government-controlled Fannie Mae and Freddie Mac announced a pilot program that will begin in coming weeks in Detroit to keep families in their current homes through loan modifications, match distressed properties with non-profit organizations for resales and assist in building demolition.

AOL Real Estate

Advertisements

HUD Secretary Makes Case for Mortgage Write-Downs

The regulator for Fannie Mae and Freddie Mac could have a “legal responsibility” to approve loan modifications for certain homeowners now that the U.S. Treasury has offered to share in the cost of mortgage write-downs, said Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development.

In the interview, Mr. Donovan said that the ultimate success of the Obama administration’s housing policies would be determined by the future path of home prices and “whether the average American once again has faith that buying a home is something that is a safe investment in the long term.”

WSJ