FHFA: Principal reduction would cost Fannie, Freddie $100 billion

. participating in a government principal reduction program, and FHFA reported recently that cutting mortgage principal on Fannie FNMA, +0.00% and Freddie FMCC, -0.37% mortgages would cost $100.

The regulator for Fannie Mae and Freddie Mac told lawmakers that forcing the two mortgage firms to write down loan principal would require more than $100 billion in fresh taxpayer funds.

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A massive principal reduction program applied to underwater loans held by Fannie Mae and Freddie Mac would cost the mortgage giants more than $100 billion, says to an analysis released Monday by the

They pointed out that the risk to taxpayers from such a program was great and cited a recent letter from DeMarco to Oversight Committee Ranking Member Elijah Cummings (D-MD) indicating the total cost of principal forgiveness required to mortgages in line with present property values approaches $100 billion.

Geithner: More Fannie reform details in spring. the two big mortgage firms are not participating in a government principal reduction program, and FHFA. -0.37% mortgages would cost $100.

Principal Reduction Modification. The Federal Housing Finance Agency (FHFA) undertook an extensive evaluation to determine whether to implement a Principal Reduction Modification program for seriously delinquent, underwater borrowers whose loans are owned or guaranteed by Fannie Mae or Freddie Mac (the Enterprises).

Fannie Mae and Freddie Mac Surpass FHFA Credit Risk Transfer Goals.. $667 billion in unpaid principal balance (upb), exceeding the goals set by. there is a price bubble in play) at the time the loans are acquired," FHFA. The credit risk transfers are a means to reduce that amount of required capital.

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Fannie Mae and Freddie Mac have already cost US taxpayers over $200 billion. If Obama gets his way on mortgage writedowns, the GSEs estimate it would take another $100 billion. Since such estimates are always overly-optimistic by a factor of 3 to 10, I estimate the cost to taxpayers would be $300 billion minimum.

The Federal Housing Finance Agency announced the decision Tuesday after months of considering the option. The agency’s acting director, Edward DeMarco, has long opposed allowing Fannie and Freddie to.

. in a government principal reduction program. Their regulator, the Federal Housing Finance Agency, reported recently that cutting mortgage principal on Fannie and Freddie mortgages would cost $100.

 · FHFA estimates principal forgiveness for all of these mortgages would require funding of almost $100 billion to pay down the loans to the value of the homes securing them.