FHFA Estimates Eligible Borrowers for Principal Reduction Plan.
In early 2016, the Federal Housing Finance Agency (FHFA) announced a new principal reduction plan to specific qualified borrowers, and there’s been much debate since the announcement on who those eligible borrowers would be. At one point, the borrowers needed to have loans owned or guaranteed by Fannie Mae or Freddie Mac. Then, the FHFA put other restrictions on the loans themselves and estimated about 33,000 borrowers would be eligible. Now, the agency recently released a report with a more exact estimate of 30,761. HousingWire detailed the report’s findings and reasoning for the change in estimate. Read more here.