Fannie Mae and Freddie Mac are extending additional relief to homeowners affected by the catastrophic flooding caused by Hurricane Harvey, HousingWire.com reported yesterday. Last week, Fannie and Freddie announced a number of measures that mortgage servicers can take to aid borrowers whose homes were damaged by the storm, including mortgage forbearance and other options. Now, with officials declaring that Harvey dumped more water on Texas than any storm in history, Fannie and Freddie announced today that each of the government-sponsored enterprises is suspending foreclosures and evictions in affected areas. Specifically, each of the GSEs is implementing a 90-day foreclosure sale suspension and a 90-day eviction suspension on borrowers whose homes are located in eligible disaster areas. Freddie Mac also said that it will be working with servicers to ensure that no property inspection costs resulting directly from Hurricane Harvey will be passed on to the affected borrowers. Read more.
ABI's thoughts are with those suffering in the wake of Hurricane Harvey. For information and ways to help, please visit https://www.abi.org/newsroom/harvey.
