On Tuesday, the regulator of Fannie Mae and Freddie Mac, the government-owned mortgage companies, rejected President Obama's plan to reduce the mortgages of struggling homeowners, saying the move would encourage homeowners to default and make a negligible impact on the moribund housing market. The plan had been strongly supported by the Obama administration and Democrats in Congress, in a bid to help homeowners who ended up owing more than their houses were worth in the aftermath of the recession. Obama's plan would have reduced the loan principal of certain mortgages backed by Fannie Mae and Freddie Mac, and White House officials say the companies' regulator, Edward DeMarco, is wrong in his assessment.
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- How to be the most productive person in your office — and still get home by 5:30 p.m.
- How our botched understanding of 'science' ruins everything
- How Scotland's independence movement lost the vote and still won everything
- 43 TV shows to watch in 2014
- Mike Huckabee's head-scratching advice to Christian voters
- 6 things the happiest families all have in common
- The American middle class is no longer safe from poverty — and that might be a good thing
- Adrian Peterson and our misguided debate about spanking
- 10 things you need to know today: September 19, 2014
- The Tea Party has its own immigration problem: Cuba
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