Freddie Mac to give unemployed homeowners a break

[NNN0LHI]

http://www.chicagotribune.com/business/sns-la-fi-0107-freddie-loans-20120107,0,1202547.story

Freddie Mac will allow homeowners who lose their jobs to skip payments for up to a full year on loans backed by the mortgage giant.

By E. Scott Reckard, Los Angeles Times

January 7, 2012

Homeowners who lose their jobs will be able to skip payments on loans backed by Freddie Mac for up to a full year under a new policy taking effect Feb. 1 at the mortgage finance giant.

The change, doubling the forbearance extended to the unemployed, squares Freddie Mac's policies with those that its sister company, Fannie Mae, adopted in September 2010. The two firms, operating under government conservatorship since nearly melting down three years ago, own or guarantee more than half of all U.S. mortgages.

[dkf]

1. Gee everything is turning into a pick a payment loan.

It's funny that things are morphing into all the worst practices. Maybe the earlier rumors of refinancing regardless of income or loan to value will also come to pass. Debt forever and ever.

[Major Hogwash]

2. Oh, you can bet that Santorum's ass will pucker after he hears about this!!

"Obama is a Socialist", "Obama is a Communist", "Obama is from Mars" (just read about it, good read).

[Hoyt]

3. Good news. I was surprised to find my mortgage is backed by F Mac although serviced by Bank America.

I am employed, but in this economy you never know. I think these types of programs will go a long way to improving the economy.

There is a Web site that makes it easy to check without having to go through your loan documents: https://ww3.freddiemac.com/corporate/

I'm sure there is a similar one for Fannie Mae.


Anyone want to bet government hating right wingers will be first in line to take advantage of this if they lose their job.