Skip to main content

Using virtual phone systems to lower costs, sound professional and stay connected

May 27, 2008

Freddie Mac helps borrowers through foreclosure crisisMortgagePress.comsub-prime borrowers, educate and advise borrowers, obtain workouts Deploys $10.5 million in grants Freddie Mac announced $10.5 million in grants to housing counseling organizations to use for their outreach, education and foreclosure prevention efforts to help borrowers. The grants will enable the non-profit organizations to add and train staff, pay operational expenses, and support outreach campaigns to borrowers having difficulty making their mortgage payments, especially sub-prime borrowers. The organizations were selected for their abilities to educate and advise borrowers about their foreclosure options and/or help them obtain workouts from their mortgage servicers. The largest share of the funds will be administered through the Enterprise Community Partners, NeighborWorks America, the Metropolitan Washington Council of Governments and HomeFree USA. "Although the challenges facing today's housing market go beyond any one company's ability to resolve, Freddie Mac is working with the non-profit organizations, which are in the trenches, to make a real difference for many of America's borrowers," said Richard F. Syron, CEO and chairman of Freddie Mac. "By putting another piece of that plan into place, [this] announcement underscores how Freddie Mac's mission to expand homeownership includes helping delinquent borrowers avoid foreclosure whenever possible." The $10.5 million in funding disbursements is the result of the November settlement between the Office of Federal Housing Enterprise Oversight and former Freddie Mac CEO Leland Brendsel. The announcement builds on Freddie Mac's efforts to help distressed borrowers by fostering mortgage workouts that enable them to avoid foreclosure. Last year, because of Freddie Mac and the mortgage servicers it works with, almost 50,000 families that had run into financial trouble were able to keep their homes. Freddie Mac currently is working out roughly 1,000 loans per week, where 90 percent of the affected families keep their homes. For more information, visit www.freddiemac.com.
About the author
Published
May 27, 2008
More from
Tech
“Technology” is a Catch-All Word

Tech promises efficiency, but adoption, ROI, and borrower satisfaction tell a more complex story

Jun 19, 2025
Was It You Or Was It AI?

As deepfakes get convincing and AI-driven fraud escalates, real estate industry faces critical tests on multiple levels

Jun 16, 2025
Former FHFA AI Chief To Lead Better’s AI-Driven Origination, Homeownership Platform

Leah Price will serve as lead for Better's tech as it heads to market — and company takes aim at ICE’s Encompass platform

Jun 12, 2025
New AI Tool Lets Homebuyers Pinpoint Search By Affordability

Platform augments home search with live mortgage rates, pre-approvals, property-specific special financing

Jun 05, 2025
Not All AI Is Developed Equally

Be wary of new systems that rely on basic consumer-focused AI systems

May 30, 2025
‘Something Big On Mortgage Fraud’: Fannie Mae Launches AI-Driven Crime Detection Unit

GSE to deploy AI fraud-detection tech amid more talk of listing Fannie Mae, Freddie Mac on major stock exchange

May 29, 2025