Two years late on mortgage? No problem with new program
You still think they will shut fannie down? The banks would never do this for homeowners. This is the FHFA directing F&F to do this.
Federal mortgage backers Fannie Mae and Freddie Mac announced a change to loan modification standards last week that lifts a ban on working with homeowners who are more than 720-days late on payments.
Although no paperwork is required to get the streamlined modification, Fannie Mae and Freddie Mac will try to screen out people who can still afford their mortgage but stop paying so they can qualify. According to a press release, the two mortgage backers have “proprietary screening measures,” which could include checking whether other bills are being paid on time or credit changes.