FHFA’s Loan Modifications May Repair Agency Reputation

Law360, New York (March 27, 2013, 7:20 PM EDT) -- The Federal Housing Finance Agency said Wednesday it would allow homeowners to receive a mortgage modification from Fannie Mae and Freddie Mac without proving economic hardship, unveiling a new initiative that may help the top housing regulator combat criticism from lawmakers that it has not done enough to aid consumers, experts say.

The FHFA, the federal conservator charged with overseeing Fannie and Freddie, announced a new Streamlined Modification Initiative that will allow borrowers who are at least 90 days late on payments to receive a trial...
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