Fannie Gives Servicers Authority to Provide HomeSaver Advances, Makes Them Preferred Loss Mitigation Option
June 19, 2008
Fannie Mae this week dove headfirst into unsecured consumer loans as a primary tool in efforts to mitigate losses from rising mortgage default rates. The government-sponsored enterprise told servicers its new HomeSaver Advance program should be the first loss mitigation option they consider if a distressed homeowner can’t make up missed payments through a traditional repayment plan. According to...