Freddie Mac Teams With Nonprofits On Mortgage Workout Pilot Program

Freddie Mac and 13 national and local nonprofit organizations have announced a pilot effort to convince discouraged delinquent borrowers to pursue mortgage workouts that can save their homes and steer clear of foreclosure.

Freddie Mac's new Borrower Help Centers in Chicago, Phoenix, San Bernardino, Calif., and Washington, D.C., are designed to provide free, confidential one-on-one mortgage counseling to delinquent Freddie Mac borrowers. The company is also launching a separate Borrower Help Network offering similar counseling over the phone to targeted Freddie Mac borrowers across the nation.

‘We know that fear and frustration are keeping thousands of borrowers from getting the help they're eligible to receive,’ says Ed Haldeman, Freddie Mac CEO. ‘So we're going to address the problem head-on by working together with nonprofit partners. These organizations are trusted and valued sources in their communities, and we believe they can make the difference in keeping families in their homes and out of foreclosure.’

Groups participating in the Borrower Help Center and Borrower Help Network include the National Urban League, National Council of La Raza, HomeFree-USA, Neighborhood Housing Services and other local community organizations.

SOURCE: Freddie Mac


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