News & Analysis as of September 25, 2024

Loan Modifications › Freddie Mac

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Loan modifications are changes made to the terms of an existing loan outside the specifications contained in the original loan agreement. In a mortgage situation, loan modifications are typically made to assist borrowers in meeting their obligations and avoid foreclosure. Such mortgage loan modifications may include reduction of principal amount or interest rate, lengthening of loan term, and monthly payment caps. less -

HUD establishes 40-year loss-mit option

Orrick, Herrington & Sutcliffe LLP on 3/10/2023

On March 8, HUD published a final rule in the Federal Register to allow mortgagees to increase the maximum term of a loan modification from 360 to 480 months for FHA-insured mortgages after a borrower defaults. ...more

New CFPB Rules Set Out Mortgage Servicer Requirements in Response to End of COVID-19 Foreclosure Moratorium

Snell & Wilmer on 10/5/2021

The Consumer Financial Protection Bureau (“CFPB”) announced post-COVID-19 mortgage servicing rules that went into effect August 31, 2021 (“Rules”). The Rules are designed to protect borrowers from “avoidable foreclosures” and...more

FHFA Announces Home Modification Program

MoFo Reenforcement on 4/22/2016

On April 14, 2016, the Federal Housing Finance Agency (“FHFA”) announced the launch of a principal reduction program for first-lien mortgages that are owned or guaranteed by Fannie Mae and Freddie Mac. According to the...more

FHFA Announces Program Changes to Aid Delinquent Borrowers

Goodwin on 4/18/2016

On April 14, 2016, the Federal Housing Finance Agency (FHFA) announced two changes concerning its policies affecting delinquent mortgage loans: first, it announced that Fannie Mae and Freddie Mac will offer mortgage...more

Dodd-Frank News: June 2015: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

Burr & Forman on 6/26/2015

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

Freddie Mac $1 Billion Performing Modified Loan Securitization

Orrick - Finance 20/20 on 6/3/2013

On May 23, Freddie Mac announced that it has begun securitizing certain performing modified mortgage loans held in its portfolio. These loans have been current for at least six consecutive months....more

Extension of Loan Modification Programs

Orrick - Finance 20/20 on 6/3/2013

On May 30, Treasury and HUD announced an extension of the Making Home Affordable Modification Program (HAMP) through December 31, 2015. In addition, on May 30, the FHFA announced that it has directed Fannie Mae and Freddie...more

Orrick's Financial Industry Week In Review - June 3, 2013

Orrick, Herrington & Sutcliffe LLP on 6/3/2013

In This Issue: CFPB Final Rule Amendments to Ability to Repay and QM Rule; Extension of Loan Modification Programs; Freddie Mac $1 Billion Performing Modified Loan Securitization; FinCEN Guidance on Virtual Currency...more

Loan Modification and the Failure to Mitigate Damages

Bilzin Sumberg on 5/20/2013

Freddie Mac has announced the immediate implementation of its Streamlined Modification program, a no-document modification program offered to severely delinquent borrowers. The implementation of the program, originally set to...more

FHFA Streamlined Modification Initative

Orrick - Finance 20/20 on 4/4/2013

On March 27, the FHFA announced that Fannie Mae and Freddie Mac will offer a new streamlined loan modification initiative. Beginning July 1, servicers of Fannie and Freddie mortgage loans will be required to offer...more

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Loan Modifications › Freddie Mac

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