Fannie/Freddie Invoke Disaster Policies in Wake of Hurricane Lane

Posted To: MND NewsWireThe rain is still pouring down in Oahu, but Fannie Mae and Freddie Mac are ahead of the game. Both GSEs have already announced that their disaster relief programs are in effect for those impacted by Hurricane Lane. Assistance is available for borrowers with GSE related mortgages on homes in presidentially-declared disaster areas where the Federal Emergency Management Agency (FEMA) has made individual assistance programs available. We would assume in this case that would be everyone in Hawaii, but where that type of FEMA assistance is not available, servicers are advised they can leverage short-term forbearance programs to provide immediate assistance to affected borrowers. The relief available from the GSEs includes: Forbearance from making mortgage payments for up to 12 months. Waived late…(read more)Forward this article via email:¬†¬†Send a copy of this story to someone you know that may want to read it.

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Michael Ayoub, Author NMLS ID 6631