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Fannie Mae and Freddie Mac leading departure from Obama’s HAMP program

The Federal Housing Finance Agency (FHFA) announced on Wednesday that Fannie Mae and Freddie Mac will offer a new, simplified loan modification initiative to minimize losses and to help troubled borrowers avoid foreclosure and stay in their homes.

Beginning July 1, servicers will be required to offer eligible borrowers who are at least 90 days delinquent on their mortgage an easy way to lower their monthly payments and modify their mortgage without requiring financial or hardship documentation.

READ THE FULL ARTICLE HERE: Fannie Freddie New Program

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