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NYT | U.S. Inquiry on Military Family Foreclosures

NYT | U.S. Inquiry on Military Family Foreclosures


By DIANA B. HENRIQUES
Published: March 11, 2011

The Justice Department is investigating allegations that a mortgage subsidiary of Morgan Stanley foreclosed on almost two dozen military families from 2006 to 2008 in violation of a longstanding law aimed at preventing such action.

A department spokeswoman confirmed on Friday that the Morgan Stanley unit, Saxon Mortgage Services, is one of several mortgage and lending companies being investigated by its civil rights division. The inquiry is focused on possible violations of a federal law that bars lenders from foreclosing on active-duty service members without a court hearing.

Continue reading… New York Times

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Freddie Mac Extends Foreclosure Protection for Service Members Through 2011

Freddie Mac Extends Foreclosure Protection for Service Members Through 2011


For Immediate Release
December 17, 2010
Contact: corprel@freddiemac.com

or (703) 903-3933 (703) 903-3933

.

McLean, VA – Freddie Mac (OTC: FMCC) today instructed its servicers to delay initiating foreclosure for at least nine months for financially troubled service members who are released from active duty through the end of 2011 and have Freddie Mac-owned mortgages. Freddie Mac is one of the nation’s largest investors in conforming, conventional mortgages.

News Facts

  • Freddie Mac’s decision to extend the nine-month foreclosure stay will give lenders more time to work with service members that are having difficulty paying their mortgage.
  • Freddie Mac is making this protection a requirement for servicing our mortgages although its original authorization in the Housing and Economic Recovery Act of 2008 (HERA) expires on December 31, 2010.
  • The nine-month stay was originally authorized for service members under amendments to the Service members Civil Relief Act (SCRA) included in HERA.

News Quotes

“Our military make sacrifices every day to protect our homes and families,” said Anthony Renzi, Executive Vice President of Single Family Portfolio Management at Freddie Mac. “This small act will protect financially troubled service members when they return from active duty by giving them more time to work with their lender to stay in their home.”

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.

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