U. S. regulator feels pressure over Freddie, Fannie: report
WASHINGTON (Reuters) – Mortgage giants Fannie Mae and Freddie Mac are being pushed to reduce borrowers’ mortgage balances in order to shield U. S. banks from taking losses on distressed housing debt, the companies’ regulator said in a Financial Times interview published on Sunday. “If you do principal forgiveness, who is it benefiting? . . . Doing principal forgiveness is what would protect the big banks,” said Edward DeMarco, the acting director of the Federal Housing Finance Agency. . . .
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