Loan Modification Questions

[Mike]

Part of HR 1424 ( The Bailout Bill) Sections 109, 110 and 124 re-define loan modifications, spefically Fannie Mae and Freddie MAc. Prior to this bill, Freddie MAc would not allow principle reduction, only re-amortization. Now, the FHA is acting as custodian for FNMA and Freddie MAc and has been directed to work with homeowners in loan modification and/or loss modification which seems much more liberal ( no pun intended) than prior itterations of the entities.My questions are as follows :1. I have read in the Countrywide thread of 2 pt interest reduction in Fannie Mae loans. In my interpreation, the same should apply for Freddie MAc, should it not?2. What are the Freddi MAC guidelines. All I have found is 40 yr amortization without principal reduction3. The ACt (1424) clearly calls for interest reduction, term modification and principal reductions as well as agressive use of the Hope For Homeowner Program. Any ideas as to Countrywide's policies on this?Thanks for any help you can provide.:confused: