Fannie, Freddie Ordered To Streamline Short Sales

Law360, New York (April 17, 2012, 8:30 PM EDT) -- The Federal Housing Finance Authority on Tuesday instructed Fannie Mae and Freddie Mac to develop strategies for streamlining short sales, deeds-in-lieu and deeds-for-lease in an effort to lower the number of homeowners facing foreclosure.

The undertaking will direct mortgage servicers to review and respond to requests for short sales within 30 days after they receive a short sale offer, provide weekly status updates to the borrower if the short sale offer is still under review after 30 days, and tell borrowers of final decisions no more than...
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