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San Diego, CA - Freddie Mac
reported on Monday it is requiring its 2,300 credit union
and bank mortgage servicers to automatically extend
forbearance on late mortgage payments to soldiers recently
released from active duty.
Freddie Mac is a stockholder-owned corporation chartered
by Congress in 1970 to keep money flowing to mortgage
lenders in support of homeownership and rental housing.
Freddie Mac purchases single-family and multifamily
residential mortgages and mortgage-related securities,
which it finances primarily by issuing mortgage pass
through securities and debt instruments in the capital
markets.
The company said it is extending forbearance to ensure
that lenders do not initiate or resume foreclosures for at
least 90 days from the borrower's release date. The change
is designed to give lenders more time to work with
servicemen and women to explore all options for mortgage
relief prior to foreclosure.
The new Freddie Mac mandate goes beyond the requirements
of the Service Members Civil Relief Act, which protects
soldiers from creditors only while they are on active
duty.
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About the ICFE:
The Institute of Consumer Financial Education (ICFE) was founded in 1982 by the late Loren Dunton (creator of the Certified Financial Planner (CFP) designation). The ICFE is dedicated to helping consumers of all ages to improve their spending, increase savings and use credit more wisely.
The ICFE is an award winning, nonprofit, consumer education organization that has helped millions of people through its education programs and resources. It publishes the Do-It-Yourself Credit File correction Guide, which is updated annually. The ICFE has distributed over one million Credit/Debit Card Warning Labels and Credit/Debit Card Sleeves world wide.
The ICFE became an official partner with the Department of Defense/Financial Readiness Campaign in June of 2004.The ICFE was an active partner in the California Student Debt Resource Awareness Project (CASDRAP) which resulted in a new web site: (studentdebthelp.org). CASDRAP disbanded in 2010, shortly after the web site project was completed. In 2011 the ICFE assumed the single sponsorship of the (studentdebthelp.org) web site and is now responsible for its content and operation.
The ICFE is also an on-line help for consumers who spend too much. ICFE's spending help was featured in PARADE Magazine in the Intelligence Report section. The money helps and tips are from the ICFE's Money Instruction Book, our course in personal finance.
Visit the ICFE's other web sites at: www.icfe.info and studentdebthelp.org. Both sites helps consumers and students with mending spending, learning about the proper use of credit, budget and expense guidelines, how to set up and implement a spending-plan and also how to access financial education courses and how to teach children about money. Other ICFE services include: Ask Mr. G, a free eNews, and an online resource center for students, parents and educators, plus financial education learning tools and a book store.
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