Feds create uniform foreclosure guidelines

WASHINGTON – April 29, 2011 – By the end of 2011, foreclosures under Fannie Mae and Freddie Mac – which hold or guarantee roughly 90% of all U.S. loans – must follow the same procedures. Loan servicers under Fannie and Freddie will be rewarded if they perform well and punished if they do not, according to Federal Housing Finance Agency (FHFA) Acting Director Edward J. DeMarco

“This initiative will direct servicers to reach families earlier, communicate more frequently and clearly, and provide relief,” says Michael J. Williams, Fannie Mae president and chief executive officer.

Changes under the new guidelines:

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