Freddie Mac has announced a pilot workout strategy for high-risk loans that attempts to use teams of contract loan servicers to match troubled borrowers with the most effective plans to stabilize their higher-risk mortgages.
Freddie says having knowledgeable personnel working with borrowers is key to the program's success.
"A workout strategy is only as successful as the number of knowledgeable counselors available to answer the phone. Our strategy for high risk loans is designed to help servicers cope with today's unprecedented call volume by directing calls to a specialist with the specific staff and technical resources for handling a high volume of borrowers with these types of mortgages," Ingrid Beckles, Freddie Mac's senior vice president of default asset management, said in a statement.
Ocwen Financial Corp. is one of the first servicers Freddie has selected for the pilot program. Initially, Ocwen will work with an estimated 5,000 reduced-documentation, Alt-A loans from California, Nevada and other states with high delinquency rates. Alt-A loans account for half of seriously delinquent mortgages.
Source: Freddie Mac (02/03/2009)
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