Monday Morning Cup of Coffee: G-fees won’t pay for highways

Monday Morning Cup of Coffee: G-fees won’t pay for highways

Fed inaction leaves analysts strongly neutral on mortgage bonds

Meet our incredible 2015 Women of Influence

Announcing 40 leaders driving the housing economy

CFPB to mortgage industry: Get out of MSAs

Industry calls move regulation by enforcement
W S

Freddie Mac offers mortgage relief to borrowers hurt by Hurricane Irene

/ Print / Reprints /
| Share More
/ Text Size+
Freddie Mac is suspending foreclosure and eviction proceedings up to 12 months for distressed homeowners with property damaged by Hurricane Irene. Other initiatives designed to help impacted borrowers include waiving assessments of penalties and late fees against borrowers with damaged properties, and forbearance in reporting delinquencies caused by the disaster to credit bureaus. "Freddie Mac has authorized the nation's mortgage servicers to provide a full range of mortgage relief options to affected borrowers with mortgages owned or guaranteed by Freddie Mac," said Anthony Renzi, executive vice president of single-family business, operations and technology at Freddie Mac. "Forbearance on mortgage payments for up to one year are among the options our servicers have been instructed to offer borrowers on a case-by-case basis," he said. As part of the plan, Freddie Mac is giving mortgage servicers enough discretion to reduce or suspend mortgage payments for the established 12-month period for those facing damages from the tragedy. After the Category 2 storm pushed through the Northeast, paving a flood path from Virginia up to Vermont, the National Association of Realtors is using Irene as an incentive to extend the National Flood Insurance Program, which expires Sept. 30. Write to: Kerri Panchuk.

Recent Articles by Kerri Panchuk

Comments powered by Disqus