Freddie Mac has launched a new workout plan for high risk loans, trying to help borrowers keep their homes. Calling it their "Workout Strategy For High Risk Loans", they are utilizing specially trained counselors from outside sources.
"Under the new pilot, a selected portfolio of higher risk mortgages that are at least 60 days delinquent will be given to a specialty servicer for intensive attention using the full range of Freddie Mac workout opportunities, including the Streamlined Modification Program developed with the Federal Housing Finance Agency, Fannie Mae and the HOPE Now Alliance."
Where is the program focused? "Initially, the pilot will target an estimated 5000 reduced documentation loans from California, Nevada and other states with high delinquent rates."
To read more: Freddie Mac Program for High Risk Loans