Freddie Mac Doubles Financial Incentives to Servicers Who Help Borrowers Avoid Foreclosure
July 31, 2008 – 5:04 amFreddie Mac today told mortgage servicers it was
doubling the amount of money it pays for each workout
that keeps a delinquent borrower with a Freddie Mac-owned mortgage out of
foreclosure.
Freddie Mac also announced it will start reimbursing servicers for the
cost of door-to-door outreach programs, give servicers more time to
negotiate workouts in states with fast foreclosure processes, and make
administrative changes intended to streamline the workout process.