Mortgage giant Fannie Mae issued new penalties Wednesday to try and prevent homeowners from choosing foreclosure and walking away from their homes.
A policy announced Wednesday targets troubled borrowers who do not try in good faith to work out a deal but have the capacity to pay.
It's a warning shot to homeowners in trouble: Walk away from your home without trying every last option and you won't get another mortgage for at least seven years.
Furthermore, Fannie Mae said that in states where it can, it will sue homeowners to recoup what's not been paid.
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