AP News

News Summary: Fannie, Freddie expand homeowner aid

FANNIE, FREDDIE EXPAND AID: Fannie Mae and Freddie Mac are expanding their assistance to borrowers whose homes were damaged or destroyed by Superstorm Sandy.

NINETY-DAY SUSPENSION: The government-controlled mortgage companies say they will automatically suspend foreclosures and evictions in disaster areas for 90 days.

MORE FLEXIBILITY: They also gave the banks and other financial firms that service mortgages guaranteed by Fannie and Freddie more flexibility to suspend payments, modify loan terms or waive late payment charges for homeowners in affected areas.

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