Skip to content
  • Sign In
  • Create Account
  • Sign Out
  • My Account
Cart
  • Inside Mortgage Finance
  • MBS & ABS
  • The GSEs
  • The CFPB
  • Mortgage Trends
  • FHA/VA Lending
  • Nonconforming Markets
  • Data
    • Subscribe to Data
Home » Dems Demand Answers on Fannie Reduction Pilot
Looking to read the full article? Register for free access to IMFnews content today!

Dems Demand Answers on Fannie Reduction Pilot

February 10, 2012
House Democrats doubled down on their ongoing feud with the head of the Federal Housing Finance Agency this week as they demand answers from the GSE regulator about a previously unknown 2010 Fannie Mae pilot program to forgive borrower’s mortgage debt that was shelved due to what Dems say was a philosophical opposition to loan writedowns.In a letter to FHFA Acting Director Edward DeMarco, Reps. Elijah Cummings, D-MD, and John Tierney, D-MA, of the House Committee on Oversight and Reform, accused the agency head of being less than forthright in his response to lawmakers justifying the FHFA’s position against the writedown of underwater GSE mortgages.“The single most significant revelation in your letter to Congress is that, even based on your own questionable assumptions and data, principal reduction programs serve the taxpayer interests even when compared to your preferred alternative of forbearance,” said Cummings and Tierney.
News Inside Mortgage Finance Inside The GSEs GSEs Regulation
Purchase this article for $50.00
Subscribe To The Newsletter

Latest Imf News

  • Earnings at Nonbanks Decline During 2025

  • Credit Bureaus Reduce Cost for VantageScore

  • MBA, Others Seek Changes to CFPB Complaint Process

  • Issuance of Home Equity Loan Securitizations Sluggish

More Imf News

Featured Data

  • Bank Servicing Declines in 4Q, MSR Fair Values Up

  • Mortgage-Banking Earnings at Banks Level Off in 4Q

  • Fannie Mae, Freddie Mac Profits Decline in 2025

  • Home Equity Loan Securitization Growth Levels Off

More Featured Data

Featured Reports

  • IMF HMDA Dashboard: 2024

  • Top Mortgage Players: 3Q25 (PDF)

  • Lender Profiles 3Q25: Top 25 (PDF subscription)

  • Mortgage Profitability Report 3Q25 (PDF)

More Latest Reports

Featured Poll

As homeowner equity continues to build, more and more lenders are launching home equity lending products. Are you thinking of joining this market?

View Results
  • About
    • About Inside Mortgage Finance
    • Contact Us
    • Advertising
    • Privacy Policy/Terms
    • Article Reprints/Web Postings
    • Copyright FAQ
  • Customer Center
    • Subscribe
    • Request a Sample
    • Account Inquiries
    • Change of Address
    • Change of Delivery Method
    • Data Licensing
    • Password Reminder
    • Group Subscriptions
    • Refunds
    • Renew Your Subscription
    • E-mail Newsletters
  • Mortgage Data
    • Origination
    • Servicing and Portfolios
    • Mortgage Insurance
    • Securitization
    • Agency MBS Activity
    • Non-Agency MBS Activity
    • MBS Investor Activity
    • ABS Activity
    • Commercial MBS Activity
    • Funding Activity
    • Earnings and Financials
    • Regulatory Data
    • Mortgage Rates and Terms
    • Subscribe to Data
    • Lender Profiles
    • HMDA Dashboard
    • Contacts Directory
    • Custom Data
    • Data Licensing
  • Reports
    • Data Reports
    • Industry Studies
    • Regulatory Reports
    • Statistical Annual
    • Free Reports

© Copyright 2026 Inside Mortgage Finance Publications
Design, CMS, Hosting & Web Development :: ePublishing