Freddie Mac Announces New Foreclosure Prevention Program

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Freddie Mac Announces New Foreclosure Prevention Program

Dec, 23rd 2016

Freddie Mac announced today the Freddie Mac Flex Modification foreclosure prevention program, which is designed to help America's families by offering significant reductions in their monthly mortgage payments. It replaces Freddie Mac's version of the Home Affordable Modification Program (HAMP®), which is set to expire at the end of this year.

The new program was developed in alignment with Fannie Mae at the direction of the Federal Housing Finance Agency (FHFA).

The Flex Modification incorporates input from a wide range of industry participants as well as lessons learned from earlier programs. It's expected to provide a 20 percent payment reduction for eligible borrowers. A high percentage of those who are at least 60 days delinquent would be eligible; the modification could...

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