Fannie Mae (FNMA  , Freddie Mac (FMCC and the Federal Housing Administration have announced that they will be offering a 90-day forbearance for mortgages in the Houston area with an option for a year-long break. 

Interest will still accrue on the mortgages, but there will be no additional penalties for missing payments. 

More than 75,000 Houston area homes owners could be unable to make payments over the next two months if delinquency rates from Hurricane Katrina hold true 12 years later. 

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