Banks Being Asked to Return September Mortgage Payments to Katrina Victims

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00021888-banks-being-asked-to-return-september-mor/

By Aleksandrs Rozens, AP

In what may be a first for the U.S. housing market, banks are being encouraged to return the most recent mortgage loan payments from people displaced by Hurricane Katrina.

Freddie Mac, one of two government housing agencies, said Thursday it has asked banks to return September mortgage payments already made by anyone in the stricken areas. Also, the housing agency has asked lenders to return any September mortgage payments if borrowers ask for their money back.

“It is unprecedented,” said Nicolas Retsinas, at Harvard University’s Joint Center for Housing Studies. “It is one more option for people who have fewer and fewer options.”

For this complete story, please visit Banks Being Asked to Return September Mortgage Payments to Katrina Victims.

Banks Being Asked to Return September Mortgage Payments to Katrina Victims

Unknown Author

Featured Resources

Webinars

RA Compliance Corner: Managing Your Service Providers- Do you really have it all in order?

About