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. 

More of What's Trending on TheStreet:

More from Investing

Tesla's Decline Causes Concern for Almost $1 Billion in Bond Payments

Tesla's Decline Causes Concern for Almost $1 Billion in Bond Payments

Tesla Stock Falls 13% After Carmaker Unveils Job Cuts, Q4 Profit Guidance

Tesla Stock Falls 13% After Carmaker Unveils Job Cuts, Q4 Profit Guidance

CVS Reaches Pharmacy Benefits Management System Deal with Walmart

CVS Reaches Pharmacy Benefits Management System Deal with Walmart

Why Jim Cramer Is Holding Off on Buying Nvidia Stock

Why Jim Cramer Is Holding Off on Buying Nvidia Stock

Netflix Stock: Why I'm Keeping My Bird Box Blindfold On

Netflix Stock: Why I'm Keeping My Bird Box Blindfold On