Fannie, Freddie give relief to borrowers hit by Hurricane Sandy
Oct 30 (Reuters) – Fannie Mae and Freddie Mac on Tuesday extended their disaster-relief policies to borrowers whose homes were damaged by Hurricane Sandy.
The aid applies to property owners living in towns and cities along the eastern United States that have been declared disaster areas by President Barack Obama.
Millions of people were left reeling in the aftermath of the super storm that made landfall on Monday and resulted in flooding, wide-spread power outages and deaths.
The historic storm caused government offices and U.S. financial markets to close on Monday and Tuesday. Preliminary estimates show that damage could exceed $10 billion.
“Freddie Mac has authorized the nation’s mortgage servicers to provide a full range of mortgage-relief options to affected borrowers with mortgages owned or guaranteed by Freddie Mac,” said Tracy Mooney, senior vice president of single-family servicing and real estate owned at Freddie Mac.