WASHINGTON, Sept. 15 /PRNewswire/ -- Fannie Mae , the nation's largest source of financing for home mortgages, today announced that it has expanded its previously announced assistance to victims affected by recent hurricanes in Florida by temporarily allowing mortgage servicers to quickly release insurance money to homeowners so they can make repairs to their property.
The temporary changes allow mortgage servicers to immediately release insurance funds up to $20,000, as long as the borrower has a contractor's estimate for the repairs, and is current, and has a good mortgage payment record.
Fannie Mae is also encouraging mortgage servicers to counsel homeowners that they should hire only licensed and qualified contractors to complete home repairs, so that they aren't victimized by unscrupulous contractors at a time when they are most vulnerable.
These relaxed guidelines complement disaster relief provisions reiterated last week to help borrowers facing hardships as a result of widespread flooding and damage caused by Hurricane Frances. Similar provisions already are in place for homeowners affected by Hurricane Charley and Tropical Storm Bonnie.
For more information on mortgage payment relief, homeowners should contact the company to which they send their mortgage payments.
Fannie Mae is a New York Stock Exchange company and the largest non-bank financial services company in the world. It operates pursuant to a federal charter and is the nation's largest source of financing for home mortgages. Fannie Mae has pledged through its "American Dream Commitment" to expand access to homeownership for millions of first-time home buyers; help raise the minority homeownership rate to 55 percent; make homeownership and rental housing a success for millions of families at risk of losing their homes; and expand the supply of affordable housing where it is needed most. Since 1968, Fannie Mae has provided $6.3 trillion of mortgage financing for 63 million families. More information about Fannie Mae can be found on the Internet at http://www.fanniemae.com/.
Style Usage: Fannie Mae's Board of Directors has authorized the company to operate as "Fannie Mae," and the company's stock is now listed on the NYSE as "FNM." In order to facilitate clarity and avoid confusion, news organizations are asked to refer to the company exclusively as "Fannie Mae."
Fannie Mae
The temporary changes allow mortgage servicers to immediately release insurance funds up to $20,000, as long as the borrower has a contractor's estimate for the repairs, and is current, and has a good mortgage payment record.
Fannie Mae is also encouraging mortgage servicers to counsel homeowners that they should hire only licensed and qualified contractors to complete home repairs, so that they aren't victimized by unscrupulous contractors at a time when they are most vulnerable.
These relaxed guidelines complement disaster relief provisions reiterated last week to help borrowers facing hardships as a result of widespread flooding and damage caused by Hurricane Frances. Similar provisions already are in place for homeowners affected by Hurricane Charley and Tropical Storm Bonnie.
For more information on mortgage payment relief, homeowners should contact the company to which they send their mortgage payments.
Fannie Mae is a New York Stock Exchange company and the largest non-bank financial services company in the world. It operates pursuant to a federal charter and is the nation's largest source of financing for home mortgages. Fannie Mae has pledged through its "American Dream Commitment" to expand access to homeownership for millions of first-time home buyers; help raise the minority homeownership rate to 55 percent; make homeownership and rental housing a success for millions of families at risk of losing their homes; and expand the supply of affordable housing where it is needed most. Since 1968, Fannie Mae has provided $6.3 trillion of mortgage financing for 63 million families. More information about Fannie Mae can be found on the Internet at http://www.fanniemae.com/.
Style Usage: Fannie Mae's Board of Directors has authorized the company to operate as "Fannie Mae," and the company's stock is now listed on the NYSE as "FNM." In order to facilitate clarity and avoid confusion, news organizations are asked to refer to the company exclusively as "Fannie Mae."
Fannie Mae
