Federal Housing Finance Agency (FHFA) Director James B. Lockhart has submitted to Congress the first report as a Federal Property Manager (FPM) detailing actions FHFA is taking to prevent unnecessary foreclosures.
Section 110 of the Emergency Economic Stabilization Act of 2008 (EESA) directs FPMs to develop and implement plans to maximize assistance for homeowners and encourage servicers of underlying mortgages to take advantage of programs that minimize foreclosures. FHFA is a designated FPM in its role as conservator for Fannie Mae and Freddie Mac.
‘The streamlined modification program is meant to reach as many seriously delinquent borrowers as possible to give them a chance to save their homes and begin restoring their credit,’ Lockhart wrote in his letter to Congress.
The letter and report cover the first 60 days since the enactment of EESA. Going forward, the report will be submitted monthly, FHFA adds.
The full report is available at www.fhfa.gov.
Source: Federal Housing Finance Agency
