Industry News

Freddie Mac participates in foreclosure-prevention effort

Mortgage entity joins with financial institutions to educate public

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Mortgage giant Freddie Mac announced today it is joining 14 financial institutions and the NeighborWorks Center for Foreclosure Solutions to cosponsor a new effort to assist borrowers in avoiding foreclosure. Freddie Mac has agreed to contribute toward a $1 million contribution to the NeighborWorks Center to support an effort that will provide foreclosure avoidance counseling, undertake new research, and work with different public and private organizations to educate the public about foreclosure alternatives, according to an announcement today. "We're joining this initiative is to send a very important message to America's late-paying borrowers: You don't have to lose your house. You do have options. But it is up to you to pursue them," said Ingrid Beckles, vice president of default asset management at Freddie Mac, in a statement. "We are delighted to join NeighborWorks and the other co-sponsors to launch this promising new effort to show borrowers how to avoid unnecessary foreclosur...