Federal regulator may allow loan principal reductions

WASHINGTON – The federal regulator who oversees Fannie Mae and Freddie Mac is softening his position against allowing the mortgage giants to reduce the principal owed for U.S. homeowers at risk of foreclosure.

Edward DeMarco, acting director of the Federal Housing Finance Agency, said in a speech Tuesday that the agency is considering whether to allow Fannie and Freddie to offer principal reductions. That's a subtle shift from his firm opposition to the concept.

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