Mortgage Giant Fannie Mae Issues New Penalties

Mortgage giant Fannie Mae issued new penalties Wednesday to try and prevent homeowners from choosing foreclosure and walking away from their homes. A policy announced Wednesday targets troubled borrowers who do not try in good faith to work out a deal but have the capacity to pay. It's a warning shot to homeowners in trouble: Walk away from your home without trying every last option and you won't get another mortgage for at least seven years. Furthermore, Fannie Mae said that in states...Full Story
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