Freddie Mac is Preparing Homeowners for HAMP Resets

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Posted To: MND NewsWire

Freddie Mac is counting on an approach to delinquent borrowers it developed during the foreclosure crisis to forestall any new problems some of those same borrowers may encounter with their maturing loan modifications. The company is trying to be preemptive with the thousands of homeowners who had mortgages modified through the HAMP program and will soon be faced with interest rate resets. Lisa Cookson, Freddie Mac's vice president for single-family customer and operational services writes in the company's Executive Perspectives blog that Freddie Mac, working with several credit counseling services, developed a program ten years ago as an experiment to reach delinquent homeowners who were not in contact with their loan servicers. The program evolved from a 2005 survey which found that 31 percent...(read more)

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Source: http://www.mortgagenewsdaily.com/11092015_housing_counselin_hamp.asp

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