Citigroup, Fannie Mae & Freddie Mac offer mortgage relief for those hurt by Gulf of Mexico oil spill

[highplainsdem]

Source: AP

Citigroup, Fannie Mae and Freddie Mac offer mortgage relief for those hurt by Gulf of Mexico oil spill
Published: Wednesday, June 16, 2010, 6:46 PM Updated: Wednesday, June 16, 2010, 6:53 PM
The Associated Press


Homeowners in areas of the Gulf Coast affected by the Gulf of Mexico oil spill can get mortgage relief from Citigroup Inc. and government sponsored mortgage purchasers Fannie Mae and Freddie Mac.

Citigroup says it is suspending loan foreclosures in the region through Sept. 17.

Fannie Mae says companies servicing its home loans may suspend or reduce borrower payments for up to 90 days. Additional time may be granted after a review of individual circumstances.

Freddie Mac spokesman Brad German said it also offers relief for a variety of reasons, including loss of income.

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Read more: http://www.nola.com/news/gulf-oil-spill/index.ssf/2010/06/citigroup_fannie_mae_and_fredd.html

[RogueBandit]

1. So many foreclosures... threatens lenders

So many foreclosures must be in line after this economic catastrophe in the Gulf that it threatens lenders into taking preventive measures. I can only imagine ... the housing market in the Gulf will decimated with the coming destruction of tourism and fishing.