Freddie Mac, Non-Profits Aim to Boost Foreclosure Rescues

Foreclosure rescueFreddie Mac is teaming up with 13 national and local non-profit organizations to provide “holistic” mortgage counseling to delinquent borrowers and help them into foreclosure rescue programs.
A key component of the new campaign is the opening of Borrower Help Centers located in Chicago; Phoenix; San Bernardino, California; and Washington, D.C., Freddie Mac announced today. In addition, Freddie Mac is launching a Borrower Help Network that also offers counseling over the phone to “targeted Freddie Mac borrowers across the nation.”
“Holistic” financial counseling includes an assessment of borrower debt and credit issues to determine a borrower’s ability to stay current on a mortgage after a modification.
“We know that fear and frustration are keeping thousands of borrowers from getting the help they’re eligible to receive,” said Ed Haldeman, chief executive officer at Freddie Mac. “So we’re going to address the problem head-on by working together with nonprofit partners. These organizations are trusted and valued sources in their communities, and we believe they can make the difference in keeping families in their homes and out of foreclosure.”
Groups participating in the Borrower Help Centers and Borrower Help Network include: the National Urban League, National Council of La Raza (NCLR), HomeFree-USA, local Neighborhood Housing Services in Chicago, Phoenix, and Ontario, California, and other local community organizations.
In 2009, Freddie Mac assisted nearly 250,000 borrowers avoid foreclosure through loan modifications, forbearance, repayment plans and other workouts – including modifications under the Treasury’s Home Affordable Modification Program, HAMP.
Freddie Mac accounts for nine percent of all seriously delinquent mortgages, but finances almost 23 percent of America’s residential mortgages.
Freddie Mac, established by Congress in 1970, provides mortgage capital to lenders.
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