| Hurricanes Katrina, Rita and Wilma battered the Gulf Coast in the fall of 2005, creating an unprecedented disaster across a 90,000-square-mile-region. Freddie Mac and the Freddie Mac Foundation responded immediately, donating $10 million in humanitarian assistance.
In the days following the hurricanes, Freddie Mac provided mortgage payment and other relief to affected homeowners and helped mortgage servicers and lenders in the region re-establish their operations. We also made a substantial contribution to the long-term recovery of the Gulf region by making a $1 billion investment in state and local mortgage revenue bonds funding housing for as many as 10,000 families.
In keeping with our public mission, Freddie Mac sought to provide liquidity and stability to the Gulf region's housing finance system to cushion the impact of the hurricanes on tens of thousands of struggling families, our business partners and the region's housing sector as a whole.
Other Highlights
- Temporary or permanent housing for more than 2,100 families, including single-family homes and an apartment building donated from our real estate owned (REO) properties.
- Liberal forbearance policies for Gulf homeowners for 18 months, resulting in mortgage payment relief to more than 33,500 homeowners.
- Loan workouts for more than 3,000 Gulf homeowners who wished to stay in their homes.
- Underwriting flexibilities to make it easier for families to qualify for new mortgages or refinance their existing mortgages, even if they lost their jobs or important financial documents in the storms, or if they had plans to relocate to another part of the country.
- Two "HomeHelpExpress" e-buses that traveled the Gulf region to educate and inform residents about a wide range of personal finance and post-disaster issues plus provide access to the Internet and housing counselors.
With enormous housing challenges still ahead for the Gulf region, the opportunity to help bring back families, homes and neighborhoods remains a priority for Freddie Mac. Read more in our new report
[PDF 1.1M], The Hurricanes of 2005: Freddie Mac's Response.
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