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Report: FHFA expected to unveil principal reduction plan

The Federal Housing Finance Agency is expected to release a newplan that would forgive the mortgage principalsof certain eligible Fannie Maeand Freddie Mac borrowers,The Wall Street Journal reported April13, citing "people familiar with the matter."

The FHFA's new program could be announced as soon as April 14,according to the report. Borrowers would be eligible under the plan if their loanbalance is less than $250,000 and is more than the value of their homes. Such borrowersshould also be at least 90 days delinquent on their mortgage payments. The borrowerswould still owe 15% more than their homes' value after the reduction is made ontheir principal.

Fewer than 40,000 borrowers are likely to be eligible for theprogram, the news publication said.

Citing a spokesman, the Journalsaid that the FHFA is expected to announce a decision on the principal reductionstrategy within 30 days since March 22.