Fannie, Freddie, Citi Cutting Mortgage Payments; Where's My Take?

Fannie Mae, Freddie Mac, and Citi have announced plans to cut mortgage payments or princpal on some loans and extend payment terms on others. Cutting principal, where do I sign up.

It looks like a lot of homeowners are getting an early Christmas present. Here's what Bloomberg is reporting:

"Mortgage companies Fannie Mae and Freddie Mac and Citigroup Inc. plan to cut home-loan payments for hundreds of thousands of borrowers facing foreclosures, following similar moves by the nation's biggest banks.

Fannie Mae and Freddie Mac will reduce principal or interest rates on some loans and extend the terms of others, according to the Federal Housing Finance Agency, which seized control of Fannie and Freddie in September."

Now that the government has bailed out the banking system, it can concentrate on housing, the auto industry, the airline industry, the coffe industry, etc., etc., etc.

Sol Nasisi
Sol Nasisi: Sol Nasisi is the co-founder and a past president of BestCashCow, an online resource for comprehensive bank rate information. In this capacity, he closely followed rate trends for all savings-related and loan products and the impact of rate fluctuations on the economy. He specifically focused on how rates impact consumers' ability to borrow and save. He also has authored a wee

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