FREDDIE MAC EXTENDS MORTGAGE RELIEF TO BORROWERS AFFECTED BY HURRICANE DENNIS

McLean, VA. – Freddie Mac’s full menu of relief policies for borrowers affected by disasters is being extended to families whose homes were damaged or destroyed by Hurricane Dennis, Freddie Mac announced today. Freddie Mac is one of the nation’s largest investors in residential mortgages.

"Freddie Mac and the nation's mortgage servicers are working together to bring some measure of financial relief to homeowners affected by Hurricane Dennis" said Ingrid Beckles, vice president of default asset management at Freddie Mac. "Borrowers affected by Hurricane Dennis can contact their mortgage servicers for mortgage relief if their homes have been damaged or destroyed."

Freddie Mac strongly encourages servicers to extend several other measures to help affected borrowers with Freddie Mac-owned loans:

Expediting the release of insurance proceeds to help borrowers secure materials, labor and other resources to repair their homes;
Waiving assessments of penalties or late fees against borrowers with disaster-damaged homes; and,
Not reporting forbearance or delinquencies caused by the disaster to the nation's credit bureaus.

For more information on mortgage payment relief, borrowers should immediately contact their mortgage servicer – the company to which they send their monthly mortgage payment – or call Freddie Mac at (800) FREDDIE. Freddie Mac disaster relief policies can be found at http://www.freddiemac.com/singlefamily/relief.html.

Freddie Mac is a stockholder-owned corporation chartered by Congress in 1970 to create a continuous flow of funds to mortgage lenders. By supplying lenders with the money to make mortgages and packaging the mortgages into marketable securities, Freddie Mac sustains a stable mortgage credit system and reduces the mortgage rates paid by homebuyers. Over the years, Freddie Mac has opened the doors for one in six homebuyers in America and two million renters.

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