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WASHINGTON (Reuters) – The regulator for Fannie Mae and Freddie Mac is actively considering a proposal that would allow for a reduction in the outstanding mortgage debt of homeowners in Chapter 13 bankruptcy, Financial Times reported on Tuesday http://radiologydegreeonline.net/radiology-diagnosing-efficiency/.
The plan under review by the Federal Housing Finance Agency would call for the mortgage financing companies to allow bankrupt homeowners who owe more on their housing debt than their homes are worth to pay zero per cent interest for five years, the report said.
Participation in the debt reduction program would be subject to approval by bankruptcy judges, the FT said.
Details of the proposal were laid out in a letter to Congress dated Monday, the newspaper reported.
Fannie Mae and Freddie Mac, combined with the Federal Housing Administration support, about 90 percent of all U.S. mortgages.
An FHFA spokeswoman confirmed the proposal to assist underwater homeowners was under discussion, but declined to provide additional details, the FT said.
But the White House said the proposal was not under consideration.
"While we continue to talk to the FHFA and other market participants about ways to help borrowers and support the housing market, the administration is not at this time considering this particular idea," White House spokeswoman Amy Brundage told FT.
Spokesmen for the White House and FHFA were not immediately available for comment on the FT report late on Tuesday.
(Reporting By JoAnne Allen; Editing by Muralikumar Anantharaman)
Regulator considers mortgage debt reduction for bankrupt: report
U.S. President Barack Obama and Iraqi Prime Minister Nouri al-Maliki say their countries will maintain strong security, diplomatic and economic ties after the last U.S. combat forces withdraw at the end of the year. With less than three weeks before the last U.S. combat troops leave Iraq, and nearly nine years after the U http://growing-desert-cactus.blogspot.com/2011/12/diamond-vs-emerald-which-is-more.html.S. invaded to oust Saddam Hussein, President Obama and Prime Minister Maliki sat down to discuss the future of the U.S.-Iraq relationship.As a presidential candidate in 2008, Mr. Obama pledged a “responsible” end to a war begun by his Republican predecessor, George W. Bush, and among the most politically divisive conflicts in U.S. history. Mr. Obama said he has fulfilled that pledge, and in a joint news conference with Mr. Maliki emphasized that while Iraqis are now responsible for their own security, the U.S. commitment to Iraq’s stability and security will not diminish. “We have got an enormous investment of blood and treasure in Iraq, and we want to make sure that even as we bring the last troops out, it is well understood both in Iraq and here in the United States that our commitment to Iraq’s success is going to be enduring,” he said. Mr. Obama said Iraq faces challenges, including continual attacks by “those who seek to derail Iraq’s progress” but said he is confident Iraq can succeed.He said he and Mr. Maliki reaffirmed a “common vision” of a long-term comprehensive partnership, including cooperation in security, counter-terrorism, economic development and strengthening Iraq’s institutions.Mr. Maliki said the U.S. withdrawal symbolizes a successful first stage of the new relationship. “We have proven success on the first mission, a very unique success, nobody imagined that we would succeed in defeating terrorism and the al-Qaida. We must also establish the necessary steps in order to succeed in our second stage which is the enduring relationship under the Strategic Framework Agreement,” he said. U.S.-Iraq discussions continue on implementation of a Strategic Framework Agreement, and on U