Geithner urges Fannie, Freddie to do loan write-downs
Dec-16-2010--WASHINGTON - Fannie Mae and Freddie Mac should make use of Obama administration programs to help borrowers who owe more than their home is worth by writing down principal, US Treasury Secretary Timothy Geithner said on Thursday.
Earlier this year, the Federal Housing Administration announced a program that would provide government incentives to lenders who reduce principal for borrowers who are current on a mortgage whose balance exceeds the home's worth. The Treasury Department has a similar program.
But the FHA's "short refi" program has won little participation -- just three modifications of 61 applications.
Geithner Says US Plan Helped Prevent Foreclosures
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