Freddie Mac directed servicers to provide several mortgage relief options to borrowers affected by recent storms in the Midwest.
For borrowers living in major disaster areas, as declared by the President, Freddie will give servicers the ability to reduce or suspend mortgage payments for up to 12 months. Each case will be individually evaluated.
Obama toured Joplin, Mo., this weekend to take in the extent of the damage from tornadoes that leveled more than 8,000 buildings and killed more than 130 people.
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