Fannie, NACA Strike Deal To Modify Troubled Home Loans

The Wall Street Journal reports:

• Fannie Mae has reached an agreement to work with one of its former critics, Neighborhood Assistance Corp. of America, to prevent foreclosures by reworking home mortgages to make them easier to afford. [...] The agreement with Fannie hasn't been announced but was confirmed by the company and by Bruce Marks, chief executive of the NACA, a Boston nonprofit with a history of holding protests to pressure banks into cooperating with its efforts to provide mortgages on what it considers fair terms.

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• The NACA is negotiating a similar cooperation agreement with Freddie Mac, Mr. Marks said and that company confirmed.

For more, see Fannie Strikes Deal to Modify Loans to Prevent Foreclosures.