SOURCE: Freddie Mac
February 22, 2013 14:00 ET
MCLEAN, VA--(Marketwire - Feb 22, 2013) - Freddie Mac (OTCQB: FMCC) today took steps to cut the time it's taking servicers to get insurance proceeds to borrowers to start repairs on homes damaged by Hurricane Sandy and secured by Freddie Mac-owned or -guaranteed mortgages. Freddie Mac is one of the nation's largest investors in single-family and multifamily mortgages.
Attributable to Tracy Mooney, Senior Vice President of Single-Family Servicing and Real Estate Owned at Freddie Mac:
"Our goal is to simplify and clarify our policies so servicers can put insurance proceeds to work helping families and repairing homes without delay. Today's Guide Bulletin re-emphasizes Freddie Mac's commitment to do everything it can to get insurance money into the hands of eligible borrowers recovering from Hurricane Sandy as quickly as possible."
For more information on mortgage payment relief, homeowners should contact their mortgage servicer -- the company to which they send their monthly mortgage payment -- or call Freddie Mac at 800-FREDDIE. Borrowers can determine if Freddie Mac owns their mortgage by using our loan look-up tool at https://ww3.freddiemac.com/corporate. Freddie Mac's general disaster relief policies are posted online at http://www.freddiemac.com/singlefamily/service/disastermgmt.html.
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four homebuyers and is one of the largest sources of financing for multifamily housing. www.FreddieMac.com.
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