RI Sen. Whitehouse backs loan write-downs

Published



PROVIDENCE, R.I. (AP) — Sen. Sheldon Whitehouse on Friday called on the head of the federal agency that oversees mortgage giants Fannie Mae and Freddie Mac to allow debt forgiveness as a way to lessen fallout from the housing crisis.

In a letter to Acting Director Edward DeMarco of the Federal Housing Finance Agency, Whitehouse said that writing down loan amounts will help both homeowners seeking to stay in their homes and the economy, which has suffered after the housing crash, particularly in Rhode Island.

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