Regulator says no to Obama mortgage write-down plan

Posted by admin | Posted in Politics | Posted on 31-07-2012-05-2008

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A home is seen padlocked and boarded up in Brentwood, New YorkWASHINGTON (Reuters) – The top housing regulator rebuffed a plan by the Obama administration to cut mortgages held by struggling homeowners, a blow to the White House which is keen to show voters it can help fix the housing market. The regulator for government-run housing finance giants Fannie Mae and Freddie Mac said on Tuesday that using taxpayer-funded bank bailout money could encourage defaults and not make a big improvement in reducing foreclosures in a cost-effective way for taxpayers. …

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