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CBO Report Finds GSEs Responsible for 13 Percent of Underwater Borrowers
National Mortgage Professiona ^ | May 3, 2013 | by Robert Ottone

Posted on 05/03/2013 4:17:30 PM PDT by Oldeconomybuyer

The Home Affordable Modification Program (HAMP) was established to assist the nation’s underwater borrowers get out from under their massive mortgage debt.

In a Congressional Budget Office report, both Freddie Mac and Fannie Mae have been found to be responsible for nearly 13 percent of underwater borrowers. The report, “Modifying Mortgages Involving Fannie Mae and Freddie Mac: Options for Principal Forgiveness,” finds that, in order for the government-sponsored enterprises (GSEs) to use principal forgiveness for borrowers in an effort to provide assistance for those to benefit from HAMP:

+ Result in small savings to the government,

+ Slightly reduce mortgage foreclosure and delinquency rates, and

+ Slightly boost overall economic growth.

(Excerpt) Read more at nationalmortgageprofessional.com ...


TOPICS: Business/Economy; Government; News/Current Events; Politics/Elections
KEYWORDS: failure; mortgates; porkulus; socialism
Marxism fails every time its tried.
1 posted on 05/03/2013 4:17:30 PM PDT by Oldeconomybuyer
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To: Oldeconomybuyer

HAMP.

Divised by people who smoked too much Hemp.


2 posted on 05/03/2013 4:18:53 PM PDT by BenLurkin (This is not a statement of fact. It is either opinion or satire; or both)
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To: Oldeconomybuyer

No fan of the GSEs or any public/private partnership (the privates get the profits and taxpayers eat the losses) but aren’t they underwater mostly because home prices have declined?


3 posted on 05/03/2013 4:24:59 PM PDT by Kenny500c
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