Freddie Offers Relief for Wilma Victims

Freddie Mac is suspending mortgage payments and providing other short-term financial relief to borrowers affected by Hurricane Wilma.Servicers may reduce or suspend mortgage payments for up to 12 months for borrowers with Freddie Mac-owned mortgages in the declared major-disaster areas. "The relief measures are intended to expedite the release of insurance proceeds to help borrowers secure materials, labor and other resources to get the home repair process under way," said Richard F. Syron, Freddie Mac's chairman and chief executive officer. Freddie Mac said it is encouraging servicers to waive assessments of penalties or late fees against borrowers with disaster-damaged homes and not to report forbearance or delinquencies caused by the disaster to the nation's credit bureaus.