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Federal Housing Finance Agency Acting Director Edward J. DeMarco said Tuesday in a statement that he will not support mortgage forgiveness at Fannie Mae or Freddie Mac as part of a Home Affordable Modification Program.

“FHFA has concluded that the anticipated benefits do not outweigh the costs and risks,” DeMarco said. “Given our multiple responsibilities to conserve the assets of Fannie Mae and Freddie Mac, maximize assistance to homeowners to avoid foreclosures, and minimize the expense of such assistance to taxpayers, FHFA concluded that HAMP Principal Reduction Alternative did not clearly improve foreclosure avoidance while reducing costs to taxpayers relative to the approaches in place today.”

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