Cuomo Pushes Fannie, Freddie To Curb 'Balloon' Payments

Law360, New York (April 9, 2013, 1:39 PM EDT) -- Gov. Andrew Cuomo on Tuesday urged Fannie Mae, Freddie Mac and their regulator, the Federal Housing Finance Agency, to join private banks in helping New York mortgage holders affected by Superstorm Sandy avoid looming “balloon repayment” obligations as storm-related grace periods come to an end.

The New York State Department of Financial Services asked the CEOs of Fannie and Freddie to change guidelines for homeowners affected by the devastating October hurricane since the banks that hold those loans can't do so without permission from the two...
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