Freddie Mac Mandates 90-Day Forbearance to Help Returning Service Personnel Avoid Foreclosures

Freddie Mac Mandates 90-Day Forbearance to Help Returning Service Personnel Avoid Foreclosures: "MCLEAN, Va., June 13 /PRNewswire/ -- In an effort to help returning service personnel facing financial problems avoid foreclosure Freddie Mac (NYSE: FRE - News) today announced that it is requiring its 2300 mortgage servicers to automatically extend forbearance to borrowers recently released from active duty with the armed forces. This goes above and beyond the requirements of the
Service Members Civil Relief Act (SCRA), which protects servicemen and women from creditors only when they are on active duty. Freddie Mac is one of the nation's largest investors in residential mortgages.
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'We're extending this forbearance to make sure that lenders do not initiate or resume foreclosure for at least 90 days from a borrower's release date,' "

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