GAO Pushes Fannie, Freddie Overseer On Mortgage Relief

Law360, New York (June 29, 2012, 1:22 PM EDT) -- The federal government's top watchdog on Thursday urged the federal agency overseeing Fannie Mae and Freddie Mac to quickly decide whether to let them cut mortgage balances of underwater homeowners, touting the agency's own estimates that nearly 700,000 underwater homeowners could be eligible.

The U.S. Government Accountability Organization also cited the Federal Housing Finance Agency's April estimate that incentives provided in January by the U.S. Department of the Treasury as part of the Obama administration's Home Affordable Modification Program could save Fannie Mae and Freddie Mac...
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