Freddie and Fannie Reject Debt Relief

"Only three homeowners have been approved for debt reduction since the program began in September 2010. A major obstacle has been that the two largest mortgage guarantors, Fannie Mae and Freddie Mac, will not participate -- in Arizona or elsewhere. No loans are eligible for the state's program if they were bought and held or securitized by the two companies, which are now under government control and guarantee more than 70 percent of the country's home loans."