Mortgage Foreclosures - New Fannie Mae (OTC:FNMA) Initiative Offers Targeted Help

Fannie Mae (OTC:FNMA) and the U.S. Army jointly announced the launch of a new initiative recently, which aims to assist service personnel who are struggling with mortgage payments and facing foreclosure. This new initiative also included a special mortgage payment forbearance, where service families which are financially affected by the death or injury of a service member whilst on active duty would be granted up to a six month forbearance, which would involve the mortgage company reducing or suspending the borrower’s monthly payments for a specified period.

Jeff Hayward, the Senior Vice President of Fannie Mae’s National Servicing Organization, made the following statement regarding the newly launched initiative: “The men and women of our Armed Forces have shown extraordinary commitment to our country while facing unique challenges as a result of their service. No family impacted by a death or injury in the line of duty should have to face the additional burden of foreclosure as a result of the hardship.  We want to do all that we can to provide support to these families at a time of need as we honor their sacrifices and service to our country.”

The Honorable Katherine Hammack, who is the Assistant Secretary of the Army (Installations and Environment), also commented on this new initiative: “We who serve alongside our military recognize the great sacrifice they and their families make each day. The initiative between Fannie Mae and the lending community recognizes their sacrifice and demonstrates our gratitude for those who face economic hardships as a result of their service. We are profoundly grateful for this heartwarming response from the lending community as they become partners in designing and implementing this initiative.”

As a part of this new initiative, Fannie Mae (OTC:FNMA) has also created a webpage (www.KnowYourOptions.com/Military) and a dedicated hotline (877-MIL-4566) to assist Service Personnel with their mortgage related queries.