Fannie Mae provides new servicer flexibility to help borrowers avoid foreclosure

A series of actions designed to help borrowers and loan servicers address potential mortgage problems and prevent unnecessary home foreclosures among the more than 18 million single-family loans owned or guaranteed by Fannie Mae was announced recently. Fannie Mae said the actions are designed to build on and complement the recently announced streamlined loan modification program (SMP) that targets borrowers who have missed three full payments and meet certain other criteria. The steps announced are meant to reach borrowers earlier with foreclosure prevention options.

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