Fannie Mae Amends Natural Disaster Policy
September 15, 2004 -- Fannie Mae Press Release
Fannie Mae Amends Natural Disaster Policy to Provide Relief for Victims Affected by Hurricanes in Florida; Lets Borrowers Quickly Access Insurance Funds to Make Repairs
WASHINGTON, DC -- Fannie Mae (FNM/NYSE), the nation's largest source of financing for home mortgages, today announced that it has expanded its previously announced assistance to victims affected by recent hurricanes in Florida by temporarily allowing mortgage servicers to quickly release insurance money to homeowners so they can make repairs to their property.
The temporary changes allow mortgage servicers to immediately release insurance funds up to $20,000, as long as the borrower has a contractor's estimate for the repairs, and is current, and has a good mortgage payment record.
Fannie Mae is also encouraging mortgage servicers to counsel homeowners that they should hire only licensed and qualified contractors to complete home repairs, so that they aren't victimized by unscrupulous contractors at a time when they are most vulnerable.
These relaxed guidelines complement disaster relief provisions reiterated last week to help borrowers facing hardships as a result of widespread flooding and damage caused by Hurricane Frances. Similar provisions already are in place for homeowners affected by Hurricane Charley and Tropical Storm Bonnie.
For more information on mortgage payment relief, homeowners should contact the company to which they send their mortgage payments.
Great article in our times of many Natural Disasters!
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For additional reflection on this article by commercialking go to
http://www.finanznachrichten.de/nachrichten-2004-09/artikel-3853778.asp
http://money.cnn.com/services/tickerheadlines/prn/dcw056.P1.09152004164227.17380.htm
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=105&STORY=/www/story/09-15-2004/0002251245
A great site to check out Fannie Mae News is
http://www.prnewswire.com/gh/cnoc/comp/305450.html
Sorry links were bad
http://www.prnewswire.com/gh/cnoc/comp/305450.html
http://www.finanznachrichten.de/nachrichten-2004-09/artikel-3853778.asp
http://money.cnn.com/services/tickerheadlines/prn/dcw056.P1.09152004164227.17380.htm
Well, John its not particularly an article "by" commercialking. As you will notice on the first line of the article this is a press release from Fannie Mae. Thank you for directing us to other people who have published the same press release.
So Mark, how do you think the RE market is now in Florida? Distressed owners, Fanny Mae insurance. Might be a winning combination.
Thanks for the reference.
Robert