Fannie Mae offers relief
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Fannie Mae has put mortgage relief provisions in place for borrowers in states facing hardships as a result of Hurricane Katrina.
The provisions include suspending mortgage payments for up to three months, reducing payments for up to 18 months or, in more severe cases, creating longer loan payback plans. Such assistance will be provided on a case-by-case basis.
“What matters most to hurricane victims in those first few days after a storm hits is basic safety and survival, not concerns about making their next mortgage payment,” said Pam Johnson, senior vice president and single-family credit officer at Fannie Mae.
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