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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 servicer for intensive attention using the full range of Freddie Mac workout opportunities. Initially, the pilot will target an estimated 5,000 reduced-documentation loans from California, Nevada and other states with high delinquency rates. Meanwhile in January, Freddie Mac launched its real estate-owned Rental Option to offer qualified owner-occupants and tenants leases so they can rent foreclosed properties on a month-to-month basis.
Freddie Mac launches workout, REO rental programs to curb foreclosures Anonymous Mortgage Banking; Mar 2009; 69, 6; Docstoc pg. 9 Reproduced with permission of the
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