Terry Edwards, Executive Vice President, on Assistance Available to Service Members
WASHINGTON, DC – Fannie Mae (FNMA/OTC) today issued guidance to servicers clarifying the assistance available to members of the military who are given Permanent Change of Station orders and have difficulty making their mortgage payments as a result. Terry Edwards, Executive Vice President for Credit Portfolio Management at Fannie Mae, made the following statement:
"Fannie Mae has a long standing commitment to our men and women in uniform. Last fall, we announced a six month forbearance program where the death or injury of a service member on active duty causes a hardship for military families with a mortgage obligation. We also launched a website (www.KnowYourOptions.com/Military) and created a hotline (877-MIL-4566) to advise members of the military about the foreclosure prevention options available to them.
"Today, we are reminding servicers of additional assistance we offer to members of the armed forces and their families who may be struggling to make their mortgage payments. Those service members who are transferred to another base through a Permanent Change of Station (PCS) order can qualify for a hardship under our current guidelines. Servicers of Fannie Mae loans should evaluate any service member or civilian employee that receives a transfer order for a hardship under these existing guidelines. We continue to look for ways to support our men and women in uniform and we encourage members of the armed forces to call the hotline if they need additional guidance or assistance."
Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America's secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. Our job is to help those who house America.
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