New CBO Report Concludes that Principal Reduction Programs Benefit U.S. Taxpayers, Homeowners, and the Economy

Washington, DC – May 2, 2013 – (RealEstateRama) — Today, Rep. Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, released a new report from the nonpartisan Congressional Budget Office (CBO) concluding that implementing principal reduction programs for underwater mortgages backed by Fannie Mae and Freddie Mac could save U.S. taxpayers billions of dollars by avoiding unnecessary defaults, help homeowners avoid foreclosures and remain in their homes, and stimulate some additional growth across the economy