Apr
14

FHFA to Reduce Mortgage Balances for Some Delinquent Homeowners

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  • About 33,000 U.S. homeowners expected to be eligible
  • Borrowers must be at least 90 days behind on payments

The federal regulator for Fannie Mae and Freddie Mac approved a plan to reduce mortgage balances for some American homeowners who have been struggling to make payments in the aftermath of the real estate crash.

The program is a one-time offer for people whose loans are owned or guaranteed by Fannie Mae or Freddie Mac, the Federal Housing Finance Agency said in a statement Thursday. To qualify, borrowers must meet specific criteria that include being at least 90 days delinquent as of March 1 of this year and having an unpaid principal balance of $250,000 or less. The FHFA expects about 33,000 homeowners to be eligible…

FHFA to Reduce Mortgage Balances for Some Delinquent Homeowners

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