The two mortgage companies won’t cave in to pressure from the Obama administration.
There may be a legal obligation for Fannie and Freddie to write down mortgage principal.
Bank of America has agreed to provide mortgage relief, including partial loan forgiveness, to more than 200,000 borrowers. The agreement is part of the $25 billion national mortgage settlement with five of the nation’s biggest lenders that was announced last month and is expected to be filed today in federal court. A spokesman for the