New York Gov. Andrew Cuomo is calling on the government-sponsored enterprises (GSEs) to help homeowners impacted by Hurricane Sandy from being impacted by new mortgage payment demands.
The New York Daily News reports that Cuomo has asked the CEOs of Fannie Mae and Freddie Mac to adjust their guidelines in order to either extend mortgage amnesty to Sandy-impacted homeowners or allow the homeowners to make non-interest bearing payments at the end of their mortgages. Cuomo argues that some banks are now demanding back payments all at once following the conclusion of a temporary reprieve on mortgage payments for Sandy-impacted homeowners. The banks have stated the current guidelines do not allow them to extend short-term mortgage amnesty on loans backed by the GSEs.
Cuomo says that Fannie Mae and Freddie Mac's current guidelines ‘would let banks suddenly spike mortgage payments for thousands of Sandy victims who are still struggling to recover, rebuild and stay in their homes.’
