Soldiers Get
Forbearance On Late Mortgage Payments
|
|
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.
.
|
About the ICFE:
About the
ICFE:
The Institute of Consumer Financial Education (ICFE), founded in 1982 by the
late Loren Dunton (creator of the “certified financial planner” (CFP)
designation) and it is dedicated to helping consumers of all ages to improve
their spending, increase savings and use credit more wisely. The ICFE trains and
certifies Personal Finance Instructors for its own curriculum. It also trains
and certifies Credit Report Reviewers and Identity Theft Prevention Specialists.
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, now in its 16th
printing and 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 is also a partner in the national Jump$tart Coalition for Financial
Literacy and the California Jump$tart chapter. The ICFE staff is also active
with San Diego Saves, an offshoot of America Saves, and the California Student
Debt Resource Awareness Project (CASDRAP) (studentdebthelp.org).
The ICFE’s on-line help for consumers who spend too much was featured in PARADE
Magazine in the Intelligence Report section. The money helps and tips are from
“The Money Instruction Book,” a course in personal finance, positioned to become
among the premier programs in the new bankruptcy and debtor education
initiatives.
The ICFE Web site at:
http://www.icfe.info helps consumers 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
videos and how to teach children about money. Other ICFE services include a free
eNewsletter, and an online resource center of financial education learning
tools, including videos, books, software and personal finance courses.
.
|
|
| To
Order Financial Education Books, Videos & Tapes: |
|
Click Here for Order
Options (Online, Fax, Phone, Mail) |
| California residents add 7.75%
sales tax |
| Visa,
MasterCard or American Express Accepted |
|
THE ICFE DOES
NOT ACCEPT DISCOVER CARDS, CLICK
HERE TO FIND OUT WHY… |
| call 619-239-1401 fax 619-923-3284 OR or send check
or money order to: |
Institute of Consumer Financial Education
P.O. Box WWW-34070
San Diego, CA 92163-4070 |
| Printable
Order Form |
|
Note:
The Institute of Consumer Financial Education does not
make names available to third parties |
|
Our 