Report: Fannie Mae, Freddie Mac Set to Reduce Mortgage Balances

FannieMaeHousing Wire, citing a Wall Street Journal article reports that Fannie Mae and Freddie Mac will begin to cut mortgage balances later this year. The Wall Street Journal states that the Federal Housing Finance Agency recently approved a plan for the government-sponsored enterprises to engage in principal reduction on a large scale for the first time since the housing crisis. Read the full story here.