A group of lawmakers are pushing the Obama administration to extend the forbearance period to 12 months for unemployed home owners with mortgages owned or guaranteed by Fannie Mae or Freddie Mac. About 27 lawmakers, all Democrats from the House of Representatives, issued a letter to President Obama this week urging the change to help those with job losses save their homes while they seek employment.
Earlier in July, the Obama administration extended the forbearance period to unemployed borrowers from three or four months to 12 months for those with Federal Housing Administration-insured mortgages and for qualified borrowers through the Making Home Afford program. The lawmakers now are asking for the 12-month forbearance period be applied to Fannie Mae and Freddie Mac mortgages as well.
Fannie Mae and Freddie Mac own or guarantee about half of existing mortgages, the lawmakers state. “In order to assist the greatest number of American families at risk of losing their homes, we believe that Fannie Mae, Freddie Mac, and their conservator, the Federal Housing Finance Agency, should put in place the same 12-month forbearance period adopted by FHA,” the lawmakers urged in the letter.
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