Sunday, March 22, 2020

Fannie and Freddie step in to provide relief

Mortgage giants Fannie Mae and Freddie Mac suspended foreclosures, ordered lenders to allow homeowners flexibility in payments, including offering them a break for up to a year, and suspended late charges and penalties.

As part of the package, they also put a stay on reporting late payments to credit bureaus by borrowers who are experiencing hardships.

"We are doing all we can to help those adversely impacted by the coronavirus, including by immediately suspending foreclosure sales and evictions during this challenging time," said Donna Corley, executive vice president and head of Freddie Mac's single-family business.

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