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Fannie Mae To Penalize Defaulters Who Walk Away
Fannie Mae, Wednesday revealed policy changes designed to encourage borrowers to work with their servicers and pursue alternatives to foreclosure. Defaulting borrowers who walk-away and had the capacity to pay or did not complete a workout alternative in good faith will not be eligible for a new Fannie Mae-backed mortgage loan for a period of seven years from the date of foreclosure. Borrowers who have extenuating circumstances may be eligible for new loan in a shorter period. Posted by: tipper 2010-06-23 |
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