Thousands of borrowers to get mortgage payments reduced

mortgage payments reduced

Through a new effort called the Streamlined Modification Initiative, borrowers with mortgages backed by Fannie Mae and Freddie Mac who are at least 90 days behind on payments will start receiving offers from lenders to lower their mortgage payments.

The Federal Housing Finance Agency (FHFA), which oversees Fannie and Freddie, won’t say how many delinquent homeowners will receive the modifications, but the Mortgage Bankers Association reported in May that about 1.1 million borrowers are behind on their mortgage payments by three payments or more. Not all of those mortgage holders have Fannie or Freddie loans, however.

 

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