FHA Urges Mortgage Forbearance During D.C. Shutdown

October 11, 2013
American Banker  
mortgage lending news

Federal Housing Administration (FHA) Commissioner Carol Galante in a Friday letter urged banks and mortgage lenders to "make every effort to communicate with and assist affected borrowers." The agency wants lenders to offer informal forbearance plans, waive late fees, suspend credit reporting, and evaluate borrowers for available loss-mitigation options to help them avoid foreclosure, should they be faced with that.

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