An independent government watchdog has a sharp message for the federal agency that must decide whether to allow principal reductions on hundreds of thousands of government-backed mortgages: Time's wasting.

Earlier this year, the Federal Housing Finance Agency (FHFA) assured congressional Democrats who have been calling for targeted write-downs of Fannie Mae and Freddie Mac mortgages that it would reach a decision by the end of April. But the agency is now two months behind that self-imposed deadline.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.