Comment

The FHFA needs to retain conservatorship over Fannie Mae and Freddie MAC  GSE sponsored enterprises. There needs to be additional oversight in relation to loss mitigation options and loan service Rd in relation to avoiding foreclosure. A 40 year mortgage should not be in existence as a possible solution to a distressed homeowners hardship. A person that loses their job due to no fault of their own and falls behind on mortgages payments should not have to make the decision to accept a hardship loss mitigation of a extended 40 year mortgage. This is a corruption in the Loan servicers, the GSE and the FHFA conservatorship. Congress as well is corrupt to allow this exploitation of homeowners facing foreclosure and loss of their homes. The Obama admin put into policy programs that ultimately helped and promoted retainment of homes. I lost my job and requested a forebearance. After the forebearance I was offered a loss mitigation solution of a 40 year mortgage when I had been paying for my home since 2006: prior to that I had owned another home which I sold and put the profit in to this home purchase.  A 40 year mortgage would turn a 135,000 balance into $600,000 not to mention the equity I have in my home already.
Due to covid 19 a lot of homeowners will be facing increased risk of foreclosure. A offer of a 40 year mortgage is a scheme to actually increase profits for all those involved. This needs to be regulated and strong sanctions need to be put forth in place to end the corruption of the housing industry. The conservatorship was put in place after Obama and the treasury had to bail our The GSE Fannie Mae and Freddie Mac. 
These Enterprisers were created by congress to help the housing industry.  Greed is what it was and has become. The HUD foreclosure housing counselors is another program that utilizes taxpayer dollars for a program that benefits no one. Programs need to be created similar to the hardest hit fund established by the Obama admin, that actually saved homes. Prior to foreclosure every homeowner and servicer needs to be sent to a mediator whose ultimate goal is homeowner retention. The Trump  administration also needs to be aware of these unethical practices.  Oversight needs to be retained but additional safeguards And programs to protect homeownership.