Fannie Mae and Freddie Mac Refuse to Lower Balances on Underwater Mortgages

Posted on Aug 03, 2012

The head of the Federal Housing Finance Agency will not t permit Fannie Mae and Freddie Mac to reduce mortgage balances on underwater mortgages. Treasury Secretary Timothy Geithner called on the independent agency to reconsider.

But the government hasn't been in such a rush to act when it comes to mortgages it has more control over.

The Federal Housing Administration, a separate agency that is part of the Department of Housing and Urban Development, has nearly 720,000 mortgages that are three months or more past due. That is more than either Fannie Mae, with about 625,000, or Freddie Mac, with 380,000.

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