MCLEAN, Va., April 28, 2011 /PRNewswire/ -- The following statement was released today by Charles E. "Ed" Haldeman, Jr., Chief Executive Officer, Freddie Mac (OTC Bulletin Board: FMCC):
"Today's directive from the Federal Housing Finance Agency (FHFA) marks an important effort to streamline the processes for managing delinquent mortgages. The scope of the Servicing Alignment Initiative will change the way servicers engage borrowers, bring greater consistency and accountability to the servicing industry, and help distressed homeowners avoid foreclosure.
"Alignment of key servicing practices between our two companies will help servicers achieve these goals by enabling them to streamline their operations and more effectively target resources to distressed borrowers. For example, it will simplify the process for seeking help by giving borrowers one application to fill out and servicers one application to review for all Freddie Mac loan modifications and foreclosure alternatives.
"We are pleased to play a central role in this important new effort to restore stability to the nation's housing markets. We look forward to working with our servicers over the coming months to complete the alignment process and improve the industry's ability to help borrowers facing foreclosure."
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters. www.FreddieMac.com.
SOURCE Freddie Mac