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U.S. Representatives Ken Bentsen and Sheila Jackson Lee Commend Fannie Mae for Mortgage Relief for Flood Victims in Houston and Surrounding Areas
U.S. Representatives Ken Bentsen and Sheila Jackson Lee Commend Fannie Mae for Mortgage Relief for Flood Victims in Houston and Surrounding Areas
Published 06-14-01
Submitted by Fannie Mae
Fannie Mae (FNM/NYSE), the nation’s largest source of financing for home mortgages, has mortgage relief provisions in place for Houston area borrowers facing hardships as a result of widespread damage caused by the recent flood.
"This flood has been a devastating experience for many Houstonians and we have a lot of work to do to restore homes to more livable conditions," said U.S. Representative Ken Bentsen (D-TX). "I commend Fannie Mae and its lenders for offering this relief to area homeowners."
"Owning a home is a precious accomplishment," said U.S. Representative Sheila Jackson Lee (D-TX). "Many homeowners devastated by the flooding are looking for ways to save their homes and Fannie Mae is helping with some relief from making mortgage payments. I applaud Fannie Mae for its responsiveness in this time of crisis."
Fannie Mae’s business guidelines also advise lenders to counsel borrowers on all possible mortgage payment workout options, and to inform homeowners of disaster relief available from federal agencies. Payment relief is available for single-family mortgages (including condos) serviced by Fannie Mae lenders in areas affected by the storms. Holders of Fannie Mae mortgage securities will be paid as usual during the relief period.
Mortgage lenders doing business with Fannie Mae will, according to Fannie Mae’s guidelines, determine appropriate relief steps by considering:
any uninsured losses;
extended unemployment; and
extraordinary expenses related to the flood that affect mortgage payments.
For information available on mortgage relief, homeowners who have experienced hardships should contact the lender to whom they send their monthly mortgage payment.
