House GOP Backs FHFA Delay On Principal Reductions

Law360, New York (May 2, 2012, 2:09 PM EDT) -- Top Republicans in the U.S. House of Representatives on Tuesday weighed in on the debate over allowing Fannie Mae and Freddie Mac to reduce homeowners' mortgage principal on a wide scale, urging the failed companies' regulator to delay a decision until after completing a cost-benefit analysis.

In a letter to Federal Housing Finance Agency Acting Director Edward J. DeMarco, the leaders of the House Financial Services Committee said they supported the agency's decision to hold off on a final ruling as to whether Fannie and Freddie...
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