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FANNIE MAE AND FREDDIE MAC ANNOUNCE MORTGAGE PAYMENT RELIEF FOR VICTIMS OF HURRICANE ANDREW

 FANNIE MAE AND FREDDIE MAC ANNOUNCE MORTGAGE PAYMENT RELIEF
 FOR VICTIMS OF HURRICANE ANDREW
 MCLEAN, Va., and WASHINGTON, Sept. 3 /PRNewswire/ -- Freddie Mac (NYSE: FRE) and Fannie Mae (NYSE: FNM) today announced mortgage relief provisions to protect the credit and house investments of homeowners in Florida and Louisiana whose homes or livelihoods were affected by Hurricane Andrew.
 The measures give lenders that collect mortgage payments for the two companies the discretion to suspend mortgage payments of homeowners for up to three months, reduce the payments for up to 18 months or more in special cases, or create longer loan payback plans. All changes will be made on a case-by-case basis.
 Both companies have advised their lenders to counsel borrowers on all mortgage payment work-out options and federal disaster relief available. Fannie Mae and Freddie Mac will buy loans on damaged homes within the Federally designated disaster areas under certain conditions decided on a case-by-case basis.
 Mortgage lenders doing business with Fannie Mae or Freddie Mac will determine appropriate relief steps by considering:
 -- any uninsured losses,
 -- extended unemployment, and
 -- extraordinary expenses related to the hurricane that affect
 mortgage payments.
 Mortgage payment relief is available for single-family mortgages serviced by Fannie Mae or Freddie Mac in Federally designated disaster areas, or in other areas affected by Hurricane Andrew as approved by either Fannie Mae or Freddie Mac, as appropriate.
 For information on available mortgage relief, homeowners should contact the lender to which they send their monthly mortgage payment. Holders of either Fannie Mae or Freddie Mac mortgage securities will be paid as usual during the relief period.
 Freddie Mac and Fannie Mae are government-sponsored corporations that invest in approximately one in four American home mortgages.
 -0- 9/3/92
 /CONTACT: Katherine Billings of Freddie Mac, 703-903-2423, or Tom Marder of Fannie Mae, 202-752-7608/
 (FNM FRE) CO: Fannie Mae; Freddie Mac ST: Florida, Louisiana IN: FIN SU:


DC -- DC016 -- 6495 09/03/92 14:22 EDT
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Publication:PR Newswire
Date:Sep 3, 1992
Words:323
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