This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Freddie Mac Suspends All Evictions, Foreclosures In Hurricane Sandy Major Disaster Areas

MCLEAN, Va., Nov. 9, 2012 /PRNewswire/ -- Freddie Mac (OTC: FMCC) announced that, after consultation with the Federal Housing Finance Agency, it is taking additional steps as part of its commitment to help borrowers affected by Hurricane Sandy including the immediate and mandatory suspension of evictions and foreclosures on homes secured by Freddie Mac owned-or guaranteed mortgages in eligible disaster areas.  The new policy changes are scheduled to go to mortgage servicers next week and build on Freddie Mac's October 30 announcement of storm relief for borrowers with homes in presidentially declared Major Disaster Areas where federal Individual Assistance programs are available.  Freddie Mac is one of the nation's largest investors in residential mortgages.

News Facts:Freddie Mac is revising its disaster relief policies to authorize mortgage servicers to:
  • Automatically suspend for 90-days evictions and foreclosure sales for borrowers with homes secured by Freddie Mac owned-or guaranteed mortgages and located in eligible disaster areas borrowers are still encouraged to contact their servicers to discuss their situation.  Freddie Mac disaster policies enable servicers to extend forbearance and repayment plans for up to 12 months on a case-by-case basis without prior Freddie Mac approval.
  • Authorize servicers to verbally grant 90-day forbearances to all borrowers in eligible disaster areas, including borrowers with mortgages modified under the Home Affordable Modification Program (HAMP) or who are currently in a HAMP or Standard Modification Trial Period Plan.
  • Expedite the distribution of insurance proceeds on storm damage claims to speed up repairs of storm-damaged homes.

The additional disaster policy changes are scheduled to go to Freddie Mac servicers in a Guide Bulletin next week:

Additionally, Freddie Mac will maintain pricing that was in place at the time of the storm for mortgages that are secured by homes in eligible disaster areas and delivered through Freddie Mac's bulk guarantor channel.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,374.76 +23.38 0.14%
S&P 500 1,951.13 +2.27 0.12%
NASDAQ 4,733.4970 -16.4820 -0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs