Freddie Mac has announced that families whose homes have been damaged or destroyed by Hurricane Frances can seek mortgage relief aimed at protecting their credit ratings and financial interests in their homes.Freddie Mac said it is encouraging its servicers to provide borrowers with relief through the company's disaster relief guidelines, which allow them to reduce or suspend mortgage payments for up to 12 months. The government-sponsored enterprise said it is also "strongly encouraging" servicers to waive the assessment of penalties or late fees, not report forbearance or delinquencies caused by the hurricane to credit bureaus, and expedite the release of insurance proceeds. The same relief was provided in August for families whose homes were damaged or destroyed by Hurricane Charley.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
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