· FHFA’s decision comes in response to an August 1 letter sent from Cummings to fhfa oversight board members proposing a twelve month forbearance period for unemployed homeowners with mortgages owned or guaranteed by either Fannie Mae or Freddie Mac. Twenty-seven Members of Congress joined Cummings’s letter to Edward DeMarco, Acting Director of FHFA.
· The edict gives servicers the ability to forebear a mortgage for six months without prior approval from Freddie. Freddie Mac can approve an additional six months after that. Previously, Freddie Mac allowed servicers to grant up to three months of forbearance with no payment, or six months at a reduced payment, without prior approval.
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· If during the final month of the initial unemployment forbearance period, the borrower remains unemployed, the servicer must determine if the borrower is eligible for an extension.
Fannie Mae and freddie mac unemployment Forbearance program. Fannie Mae and Freddie Mac have enhanced their Unemployment Forbearance program for homeowners who have lost their jobs. It is a proactive approach that is offered to the unemployed who are struggling with keeping up with their home loan payments.
On August 1, 2011, Cummings led 27 Members of Congress in sending a letter that called on the Federal Housing Finance Agency and others agencies to "extend to twelve months the forbearance period for unemployed homeowners with mortgages owned or guaranteed by Fannie Mae or Freddie Mac."
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