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Inside Washington (09/10/2008)
* WASHINGTON (9/11/08)--Sens. Charles Schumer (D-N.Y.) and Jack Reed (D-R.I.) are criticizing the severance packages that Fannie Mae’s and Freddie Mac’s ousted heads will receive considering the government placed the two mortgage giants into conservatorship (American Banker Sept. 10). Schumer and Reed wrote a letter Tuesday to James Lockhart, Federal Housing Finance Agency director, encouraging him to reduce or eliminate the packages ... * WASHINGTON (9/11/08)--The Federal Housing Finance Agency (FHFA) said Tuesday that Fannie Mae and Freddie Mac will have to improve loan modification efforts. FHFA Director James Lockhart said he is looking into modification programs for the two enterprises and will discuss them with Fannie and Freddie officials. The FHFA and Treasury have both been urged to help the enterprises speed up the modification process (American Banker Sept. 10). The enterprises would be the investors, so there would be no fear of investor backlash from servicers, according to Fannie-Freddie workout supporters. The enterprises’ top executives were removed Sunday. Modifying loans would be costly and could shrink the credit pool, said Daniel Mudd, Fannie’s former chief executive. Both Fannie and Freddie’s top executives were averse to speeding up the modification process ...


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