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

Stocks in this article: FMCC

Today's announcement builds on Freddie Mac's October 30 announcement of Hurricane Sandy relief policies which also instructed servicers to waive late fees or penalties against borrowers with disaster-damaged homes; and not report forbearance or delinquencies caused by the disaster to the nation's credit bureaus.

News Quote:

Attributable to Tracy Mooney, Senior Vice President of Single-Family Servicing and Real Estate Owned at Freddie Mac

"Given early assessments of Hurricane Sandy's devastating impact, we are preparing steps that will authorize automatic and immediate action by the nation's mortgage servicers to help more borrowers with mortgages owned or guaranteed by Freddie Mac.  These steps are intended to provide borrowers with peace of mind and help lay the groundwork for a faster recovery in the neighborhoods and communities affected by the storm."

For more information on mortgage payment relief, homeowners should contact their mortgage servicer – the company to which they send their monthly mortgage payment – or call Freddie Mac at 800-FREDDIE.  Borrowers can determine if Freddie Mac owns their mortgage by using our loan look-up tool at https://ww3.freddiemac.com/corporate. Freddie Mac's general disaster relief policies are posted online at http://www.freddiemac.com/singlefamily/service/disastermgmt.html.

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four homebuyers and is one of the largest sources of financing for multifamily housing. www.FreddieMac.com.

SOURCE Freddie Mac

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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