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Freddie Mac Announces Mortgage Relief for Borrowers Affected by Kansas Tornados

McLean, VA – Freddie Mac (NYSE:FRE) is reminding its servicers they have the discretion to provide up to a year's worth of mortgage relief to borrowers with homes damaged by the tornados that ripped through Greensburg and other towns that President Bush designated major disaster areas. Freddie Mac is one of the nation's largest investors in residential mortgages.

Freddie Mac's disaster relief policies are available in major disaster areas designated by the Federal Emergency Management Agency where individual FEMA assistance is available.

Freddie Mac gives mortgage servicers the discretion to reduce or suspend mortgage payments for up to 12 months for borrowers with Freddie Mac-owned mortgages in the FEMA major disaster areas. Each case must be individually assessed to determine which alternative will best fit the homeowner's circumstances. A servicer collects monthly mortgage payments on Freddie Mac's behalf.

"Freddie Mac and the nation's mortgage servicers are working together to bring some measure of financial relief to homeowners who were affected by these storms," said Ingrid Beckles, vice president of servicing and asset management at Freddie Mac."Borrowers in these major disaster areas should contact their mortgage servicers to discuss forbearance or other workout options Freddie Mac supports when disaster strikes."

For more information on mortgage payment relief, borrowers should contact their mortgage servicer – the company to which they send their monthly mortgage payment – or visit Freddie Mac's website at freddiemac.com.

Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to support homeownership and rental housing. Freddie Mac purchases single-family and multifamily residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage-related securities and debt instruments in the capital markets. Over the years, Freddie Mac has made home possible more than 50 million times, ensuring financing for one in six homebuyers and more than four million renters.

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