Removing Barriers Blog

FHFA, GSEs Highlight Options for Consumers Impacted by COVID-19
Posted March 20, 2020 by CUNA Advocacy

Last week, FHFA Director Mark Calabria issued a statement encouraging distressed borrowers to reach out to their servicers if they are experiencing hardships related to COVID-19. The agency also announced that the Enterprises would provide payment forbearance to borrowers impacted by the coronavirus. Forbearance allows for a mortgage payment to be suspended for up to 12 months due to hardship caused by the coronavirus. 

Freddie Mac and Fannie Mae issued releases on consumer’s forbearance options, available here and here.

In a subsequent announcement, the agency directed the Enterprises to suspend foreclosures and evictions for at least 60 days due to the coronavirus national emergency. The foreclosure and eviction suspension applies to homeowners with an Enterprise-backed single-family mortgage.

To assist borrowers, FHFA has created a dedicated resource page for coronavirus related questions and announcements. The page can be accessed here