freddie mac: Fannie Follows Freddie's Lead in Extending Forbearance Period for Unemployed - 01/17/12 09:17 AM

Fannie Mae revealed its new Unemployment Forbearance Program, which mortgage servicers are required to implement by March 1 for all Fannie Mae-owned and backed loans.
Servicers can now provide up to six months of relief for eligible unemployed borrowers without Fannie's review and approval. Borrowers may also apply for an additional six months of forbearance, for a total of 12 months.
Fannie's announcement follows a similar move by Freddie Mac.
To find out if your loan is backed by either GSE, use the "Fannie Mae Loan Lookup" or "Freddie Mac Loan Lookup" tools on the Useful Links section of our website. … (1 comments)

freddie mac: Freddie Mac Announces Up to 12-Month Forbearance for Unemployed - 01/17/12 03:32 AM
Effective Feb. 1, Freddie Mac is giving mortgage servicers expanded authority to provide six months of forbearance to unemployed mortgage holders without prior approval, and an additional six months (12 months total) with prior approval. This new policy essentially doubles the previously offered forbearance period. It's important to note: This applies to Freddie Mac-owned or guaranteed loans only. There is ACTION required. The homeowner must contact the servicer to request the forbearance. Delinquent borrowers in an existing short-term forbearance plan can be evaluated for an extended forbearance term under the new policy. Again, homeowners will need to contact their servicer to … (0 comments)

freddie mac: Fannie Mae & Freddie Mac Announce an "Eviction Moratorium" for the Holidays - 12/19/11 10:20 AM
The holiday season should be a magical time of year. However, for a growing number of families, the usual holiday celebrations are trumped by financial troubles, foreclosure and the looming threat of eviction.
Fannie Mae and Freddie Mac offered some relief to such families by announcing an “Eviction Moratorium” through January 2, 2012. During this time, families living in foreclosed homes will not be forced to leave, though legal proceedings may continue as scheduled.
Undoubtedly, Fannie and Freddie’s efforts will prove comforting to homeowners who find themselves in this situation. However, the relief is short lived.
Remember, the “eviction moratorium” is … (4 comments)

freddie mac: Presidential Candidates Blasted for Views on Housing - 11/16/11 08:46 AM
In a recent blog post, CNBC’s Diana Olick slams the Republican presidential candidates’ plans for solving the nation’s housing crisis.
Political beliefs aside, Olick makes some astute observations regarding the bank’s preferences for short sales over foreclosures and the important role that Fannie Mae and Freddie Mac play in keeping the market liquid.
Given the major impact housing has on the overall U.S. economy, it’s vital that our political leaders have a thorough understanding of these issues.
The biggest mistake we see politicians make, however, is to claim they have a new plan or program to fix the housing crisis. The … (2 comments)

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