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DS News Webcast: Wednesday 3/23/2016

In a speech Tuesday at the Women in Housing and Finance Public Policy Luncheon in Washington, D.C., FHFA Director Mel Watt said he expected to make an announcement in the next 30 days on whether or not the Agency had found a win-win solution for principal reduction—or if they would take principal reduction off the table entirely.

Watt noted that the FHFA has been substantially criticized both before and since he became FHFA Director for not including principal reduction as part of its loss mitigation strategy. One of the factors to consider, Watt said, is balancing the declining number of seriously delinquent borrowers with the significant operational complexity and the cost to Fannie Mae, Freddie Mac, and servicers of implementing a principal reduction program.

The Foreclosure Relief and Extension for Servicemembers Act of 2015 was approved in the House by voice vote. The bill passed in the Senate by a unanimous vote in December and now needs only the president’s signature to become law. The bill extends through 2017 the provision of the Servicemembers Civil Relief Act that safeguards active duty service members against foreclosure for one year following the completion of their service in the field.

About Author: Brian Honea

Brian Honea's writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master's degree from Amberton University in Garland.

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