The U.S. Government is pressuring both Fannie Mae and Freddie Mac to join a program that will be run by the FHA that will allow banks that write down the principal balances of mortgages for those homeowners who are “underwater” to hand off the reduced loans to the FHA. This would help stem the tide of those homeowners who are tempted to just let their home go back to their lender by means of a strategic default , which is where the homeowner just decides to stop paying into a mortgage where the value of the home has gone down to the point where they owe more than their home is worth in today’s market.
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