SOURCE: Freddie Mac
March 27, 2013 10:00 ET
MCLEAN, VA--(Marketwire - Mar 27, 2013) - The following statement was released today by Tracy Mooney, Senior Vice President, Servicing and REO, Freddie Mac (OTCQB: FMCC):
"The Streamlined Modification will open a new gateway to mortgage relief for many of America's struggling borrowers. Starting July 1, 2013 servicers will proactively offer eligible borrowers a Streamlined Modification, which can cut monthly mortgage payments by as much as a standard modification but with less documentation. We look forward to working with our servicers to implement the Streamlined Modification initiative, which underscores our commitment to keep more financially troubled borrowers in their homes. Freddie Mac has helped an estimated 2.6 million families avoid foreclosure through mortgage modifications or refinancing since the housing crisis began."
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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