In July 2013 non-paying homeowners will be able to apply for a new loan Mod Streamline No Docs program with guarantees provided by Fannie Mae and Freddie Mac - and ultimately the American taxpayer will be shouldering the burden.
Those who can afford to make their current mortgage payment will be rewarded if they strategically default, in which case they can qualify for a program in which their new monthly payment is lower. The end result: Fannie and Freddie—and ultimately taxpayers foot the bill... AGAIN...!!!
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