NCRC Applauds FHFA Principal Reduction Modification Program

NCRC Applauds FHFA Principal Reduction Modification Program

Washington, DC – (RealEstateRama) — Today, in reaction to the announcement by the Federal Housing Finance Agency (FHFA) that Fannie Mae and Freddie Mac will offer principal reduction to certain seriously delinquent, underwater borrowers, NCRC President and CEO John Taylor made the following statement:

“We applaud FHFA and Director Watt for taking this important step in the right direction. The new principal reduction modification program will help certain underwater borrowers avoid foreclosure and stay in their homes. That’s a very positive thing. That said, with the scope announced today, this program will have limited impact. “

“This represents the first bite at the apple. Hopefully this program will serve as a model for what can be done with the larger portfolio of delinquent loans that could be modified at Fannie Mae and Freddie Mac.”

About NCRC:
NCRC and its grassroots member organizations create opportunities for people to build wealth. We work with community leaders, policymakers and financial institutions to champion fairness in banking, housing and business development.

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The National Community Reinvestment Coalition (NCRC) was formed in 1990 by national, regional, and local organizations to develop and harness the collective energies of community reinvestment organizations from across the country so as to increase the flow of private capital into traditionally underserved communities. 

NCRC has grown to an association of more than 600 community-based organizations that promote access to basic banking services including credit and savings, to create and sustain affordable housing, job development and vibrant communities for America's working families.

Contact:

NCRC
727 15th Street, Suite 900
Washington DC 20005

Phone: 202 628-8866
Fax: 202 628-9800

Media contact:
Jesse Van Tol
Phone: (202) 464-2709

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