Fannie Expands Mortgage Relief

Meanwhile, Fannie Mae has expanded its previously announced mortgage relief for families whose homes have been damaged by recent hurricanes by temporarily allowing servicers to quickly release insurance money.Fannie Mae said the temporary changes permit servicers to immediately release insurance funds up to $20,000 as long as the borrower has a contractor's estimate for the repairs, is current on payments, and has a good mortgage payment record. The government-sponsored enterprise said it is also encouraging servicers to counsel homeowners that they should hire only "licensed and qualified" contractors to complete home repairs.