The federal housing finance agency (FHFA) continues to pivot on mortgage principal forgiveness policy, initiating a new program that would subsidize a permanent reduction of a portion of unpaid.
Some banks have already acknowledged that principal reduction can be an effective tool in stabilizing the housing market and have already been forgiving portions of some loans. The idea is to keep people in their homes. The banks lose, on average, about $60,000 on each foreclosure.
FHFA has been considering the possibility of offering principal reduction to underwater homeowners since long before Mel Watt became Director of the Agency two years ago.
They rallied in front of the Federal Housing Finance Agency to protest REO investment and non-performing loan sales, to demand principal reduction, and to denounce Wall Street and the whole of.
The demand is for mortgage values to be adjusted to match the current market values of houses. "People in power know that the real solution to the continuing collapse of the housing market is universal principal reduction of American mortgages to real market value," said Bill Moyer of the Backbone Campaign.
Tobacco retailers and traders today staged a protest here to press for reduction. cent of the principal display area on all tobacco products from April 1, 2016. Stating that retailers are selling.
3,000 protesters demonstrated in Boston to fight against corporate greed. hyatt hotel, Fidelity, Verizon and Bank of America were targeted. Protesters made the demand that Bank of America end all.