The Federal Housing Finance Agency is running the numbers again on principal reduction for Fannie Mae and Freddie Mac loans to factor in the Obama administration’s offer to pay investor incentives to the government-sponsored enterprises. According to reports, Fannie and Freddie are more open to the idea of writedowns. For months, FHFA Acting Director Edward DeMarco has maintained that principal forbearance is a more effective way to help underwater GSE borrowers while protecting the financial interests of the GSEs and the Treasury Department. DeMarco acknowledged that the agency is “having...