Fannie, Freddie offer underwater homeowners a chance to bail

01/28/2013 | Bloomberg

Fannie Mae and Freddie Mac have approved a new deed-in-lieu program for some borrowers who are current on their mortgage payments but owe more than their homes are worth, allowing them to walk away from their homes with no penalty. Previous programs were available only to borrowers who were in arrears, effectively encouraging people to stop making payments in order to qualify for assistance.

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