SOURCE: Freddie Mac

Freddie Mac

October 07, 2015 16:24 ET

UPDATE - Statement on New Representation and Warranties Remedy Framework From Donna Corley, Freddie Mac SVP- Single Family Credit Risk Officer

MCLEAN, VA--(Marketwired - Oct 7, 2015) - The following statement was released today by Donna Corley, Senior Vice President - Division Chief Risk Office of the Single Family Division at Freddie Mac (OTCQB: FMCC):

"At the direction of the Federal Housing Finance Agency, Freddie Mac and Fannie Mae today released a uniform framework for representations and warranties remedies. The new framework reflects Freddie Mac's long-standing commitment to partner with lenders to improve loan manufacturing, a goal we share with all of our customers. The framework announced today will not affect our customers' operations or our full file quality control reviews for performing and non-performing loans. The enhanced framework is intended to provide more clarity and transparency to lenders who do business with Freddie Mac on identifying and correcting origination defects, and the remedies that are available to them. Today's announcement also underscores Freddie Mac's commitment to work with the Federal Housing Finance Agency and other stakeholders to continually improve America's mortgage finance system."

For more information see http://www.freddiemac.com/singlefamily/guide/bulletins/pdf/bll1517.pdf

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 home borrowers and is one of the largest sources of financing for multifamily housing. Additional information is available at FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog FreddieMac.com/blog.