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Options for Principal Forgiveness in Mortgages Involving Fannie Mae and Freddie Mac: Working Paper 2013-02

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  • Damien Moore
  • Mitchell Remy

Abstract

The Congressional Budget Office (CBO) examined three options under which Fannie Mae and Freddie Mac would provide principal forgiveness to certain distressed borrowers—specifically, to borrowers who are eligible or could become eligible for the Home Affordable Modification Program (HAMP). Such borrowers represent about 4 percent of all those with mortgages involving Fannie Mae or Freddie Mac, CBO estimates. The options would reduce the amount owed by borrowers to as low as 115 percent (through the HAMP Principal Reduction Alternative), 100 percent, and 90 percent,

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  • Damien Moore & Mitchell Remy, 2013. "Options for Principal Forgiveness in Mortgages Involving Fannie Mae and Freddie Mac: Working Paper 2013-02," Working Papers 44114, Congressional Budget Office.
    • Handle: RePEc:cbo:wpaper:44114
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    File URL: https://www.cbo.gov/sites/default/files/113th-congress-2013-2014/workingpaper/44114_WorkingPaper-OptionsPrincipalForgivenesl_1.pdf
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    Cited by:

    1. Cronin, David & McQuinn, Kieran, 2014. "Irish Fiscal Policy in Good Times and in Bad: Its Impact During Different Stages of the Economic Cycle," Quarterly Economic Commentary: Special Articles, Economic and Social Research Institute (ESRI).

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