What is happening today in mortgage lending:
.Freddie Mac sent this industry letter out last week. I found the link very interesting
Today's News ...
Today, President Obama announced his Homeowner Affordability and Stability Plan and referenced the role that Freddie Mac will fulfill in assisting borrowers through a new refinance initiative and a new loan modification program. We are pleased to support this initiative and look forward to working with the Administration.
We support this important effort and expanding our role in keeping families in their homes, strengthening communities, and bringing stability to the nation’s housing market. We are currently finalizing the program and operational details with the Federal Housing Finance Agency, the Department of the Treasury and other industry participants. We plan to announce additional details of the initiative, including how customers servicing Freddie Mac-owned mortgages will participate, in early March.
At this time, the only publicly available information on the Homeowner Affordability and Stability Plan is posted on the Treasury Department’s Web site, www.financialstability.gov. We encourage you to review this preliminary information now, and anticipate the release of additional details in early March. In addition, it is important that you direct all consumer inquiries to this Web site for more information. Freddie Mac’s (800) FREDDIE call center will also direct consumers to this Web site until more information is available.
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
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