Federal Housing Finance Agency (FHFA) director James Lockhart announced on Tuesday that the FHFA, along with Fannie Mae and Freddie Mac, would be adopting a new, streamlined approach to loan modifications.
Lockhart said the loan modification program, which he is asking to be adopted as the industry standard, will take effect Dec. 15. The new approach will target high-risk borrowers who have missed more than three payments, and should help homeowners modify loans and prevent foreclosures, he said.
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