Fannie Mae and Freddie Mac are providing mortgage relief for borrowers facing hardships related to the massive and widespread damage caused by Hurricane Katrina.Fannie Mae mortgage lenders are authorized to suspend mortgage payments for up to three months, reduce payments for up to 18 months, and, in more severe cases, create longer loan payback plans. Lenders will determine appropriate relief steps by considering any uninsured losses, extended unemployment, and extraordinary expenses related to Katrina that affect mortgage payments. Under Freddie Mac's policies, servicers may reduce or suspend mortgage payments for up to 12 months for borrowers in declared major-disaster areas. Freddie is also encouraging servicers to expedite the release of insurance proceeds, waive the assessment of penalties or late fees, and not report forbearance or delinquencies caused by the disaster to the nation's credit bureaus. Freddie also announced that it is donating $50,000 to the American Red Cross to support hurricane relief efforts, and that the Freddie Mac Foundation is matching Freddie Mac employee donations to relief efforts (and will double the match if donations support Habitat for Humanity's hurricane relief efforts).
-
The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
2h ago -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
2h ago -
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
3h ago -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
5h ago -
The tool will provide helpful HELOC-related information to customer support staff to streamline the application process, Figure said Thursday.
7h ago -
The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
10h ago