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Wilbur Ross: Obama Foreclosure Fix Not Enough : HousingWire || financial news for the mortgage market

Dealbreaker found this 2/19/2009 on housingwire.com

1. The lender takes a write-down in principal, and the servicer takes a similar hit on any servicing strip on the newly-reduced UPB. 2. After principal reduction, the government guarantees half of the remaining principal the lender now holds. 3. This guarantee of half the principal can now be ...