Archive for the ‘Mortgage Foreclosure’ tag
Freddie Mac Doubles Financial Incentives to Servicers Who Help Borrowers Avoid Foreclosure
Freddie Mac today told mortgage servicers it was
doubling the amount of money it pays for each workout
that keeps a delinquent borrower with a Freddie Mac-owned mortgage out of
foreclosure.
Freddie Mac also announced it will start reimbursing servicers for the
cost of door-to-door outreach programs, give servicers more time to
negotiate workouts in states with fast foreclosure processes, and make
administrative changes intended to streamline the workout process.
Jump in Mortgage Foreclosures is "Urgent Problem"
Fed Governor Randall Kroszner said rising mortgage
foreclosures are an “urgent problem” and called
on Congress to pass a Fannie Mae and Freddie Mac regulatory bill.
“As the Federal Reserve builds on its consumer protection efforts in
order to mitigate foreclosures for current homeowners, we are also
concerned about the…