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Foreclosures
Mortgage giants' stance against principal reduction may be softening
Mortgage giants' stance against principal reduction may be softening

Jaime Coronel's pick and shovel sat idle when the recession made landscaping jobs scarce, and the home where he and his wife, Juana, raised four children fell into foreclosure. Mortgage giant Fannie Mae gave permission in 2010 for the Coronels to stay on in the Azusa house as renters. "That was the best deal that we could get at the time," said Peter Kuhns, a Los Angeles organizer of an activist group that took up the Coronels' cause, disrupting banks and invading Fannie Mae's Pasadena offices, a 20-minute drive from the couple's working-class neighborhood. Religious and community leaders and state legislators joined in, lobbying on their behalf. On...

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