Fannie Mae, Freddie Mac will begin buying some mortgages – Housing Wire
Fannie Mae, Freddie Mac will begin buying some mortgages that are in forbearance (But there are a few catches)
Under the GSEs’ current policies, Fannie and Freddie do not buy loans in forbearance. But given the unprecedented rise in forbearance due to the coronavirus, the Federal Housing Finance Agency announced Wednesday that it is allowing the GSEs to buy loans that go into forbearance within the first month.
“Due to the COVID-19 pandemic, some borrowers have sought payment forbearance shortly after closing on their single-family loan and before the lender could deliver the mortgage loan to the Enterprises,” the FHFA said in a statement.
“Mortgage loans either in forbearance or delinquent are ineligible for delivery under Enterprise requirements,” the FHFA continued. However, today’s action lifts that restriction for a limited period of time and only for mortgages meeting certain eligibility criteria. Eligible loans will also be priced to mitigate the heightened risk of loss to the Enterprises from these loans.”
Read the full article here
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