|
|
Article: Freddie Mac launches workout, REO rental programs to curb foreclosures.(Briefing Book)(Federal Home Loan Mortgage Corp.)(real estate-owned)
- Article from:
- Mortgage Banking
- Article date:
- March 1, 2009
CopyrightCOPYRIGHT 2009 Mortgage Bankers Association of America. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Freddie Mac announced in early February it is trying out a new pilot program designed to keep more at-risk borrowers in their homes by employing third-party servicers that specialize in servicing alternative-A and other types of higher-risk mortgages.
Under Freddie's Workout Strategy for High Risk Loans program, a selected portfolio of higher-risk mortgages that are at least 60 days delinquent will be given to a specialty servicers for intensive attention using the full range of Freddie Mac workout opportunities--including the Streamlined Modification Program developed with the Federal Housing Finance Agency, Fannie Mae and the HOPE NOW Alliance.
"Our ...