Washington, D.C. (Thursday, March 19, 2020) – The Federal Housing Finance Agency (FHFA) is moving to provide some relief for homeowners who are having trouble staying afloat.
FHFA has announced that it has directed Fannie Mae and Freddie Mac to suspend foreclosures and evictions for at least 60 days because of the coronavirus national emergency. The foreclosure and eviction suspension applies to homeowners with an (Fannie Mae and Freddie Mac) Enterprise-backed single-family mortgage.
Earlier this month, FHFA announced that Fannie Mae and Freddie Mac would provide payment forbearance to borrowers impacted by the coronavirus. The move means a mortgage payment can be suspended for up to 12 months due to hardship caused by COVID-19.
“This foreclosure and eviction suspension allows homeowners with Fannie and Freddie – backed mortgages to stay in their homes during this national emergency,” said Director Mark Calabria. “As a reminder, borrowers affected by the coronavirus who are having difficulty paying their mortgage should reach out to their mortgage servicers as soon as possible. Fannie Mae and Freddie Mac are said to be with mortgage servicers to ensure that borrowers facing hardship because of the coronavirus can get assistance.”
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The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 11 Federal Home Loan Banks. These government-sponsored enterprises provide more than $6.3 trillion in funding for the U.S. mortgage markets and financial institutions. Additional information is available at www.FHFA.gov, on Twitter, @FHFA, YouTube, Facebook, and LinkedIn.