Freddie Mac Extends Hurricane Foreclosure Moratorium Through May 31, 2006 In 21 Gulf Coast Counties
|February 16, 2006|
"One-Size Fits All" Policy Adjusted to Reflect Local Levels of Damage
McLean, VA – Freddie Mac announced it is extending its foreclosure suspension until May 31, 2006 in 21 counties and parishes in Alabama, Louisiana, Mississippi and Texas that suffered the most severe damage due to hurricanes Katrina and Rita. At the same time, Freddie Mac said it would lift the moratorium on foreclosures in areas that experienced the least damage. The announcement was made in a February 10 Guide Bulletin sent to Freddie Mac's Seller/Servicers.
"We are replacing our one-size-fits all approach with a zone approach," explained Janet Eakes, senior vice president of Freddie Mac's operations division. "Our servicers have done an outstanding job helping borrowers with Freddie Mac owned loans in the immediate aftermath of the storms. Today's announcement builds on our commitment and on our servicers' commitment to continue to provide relief to borrowers in the worst disaster areas while resuming normal business operations elsewhere."
According to the February 10 Guide Bulletin, the zone approach divides the 119 Gulf Coast counties covered by last year's foreclosure moratorium into three separate zones and applies appropriate policies to each. Specifically,
For more information, lenders can contact their Freddie Mac Account Representative or review the February 10 Guide Bulletin at http://www.freddiemac.com/sell/guide/bulletins.
|State||Zone One||Zone Two||Zone Three|
|AL||Greene, Hale, Pickens, Sumter, Tuscaloosa||Choctaw, Marengo||Baldwin, Clarke, Mobile, Washington|
|LA||Allen, East Baton Rouge, East Feliciana, Evangeline, Iberville, Lafayette, Livingston, Pointe Coupee, Sabine, St. Landry, Vernon, West Baton Rouge, West Feliciana.||Ascension, Assumption, Acadia, Beauregard, Iberia, Jefferson Davis, Lafourche, St. Charles, St. Helena, St. James, St. John The Baptist, St. Martin, St. Mary, Tangipahoa, Terrebonne, Vermilion, Washington||Calcasieu, Cameron, Jefferson, Orleans, Plaquemines, St. Bernard, St. Tammany|
|MS||Adams, Amite, Attala, Choctaw, Claiborne, Copiah, Covington, Franklin, Hinds, Holmes, Humphreys, Jefferson, Jefferson Davis, Kemper, Lauderdale, Lawrence, Leake, Lincoln, Lowndes, Madison, Neshoba, Newton, Noxubee, Oktibbeha, Pike, Rankin, Scott, Simpson, Smith, Warren, Winston, Wilkinson, Yazoo||Clarke, Greene, Forrest, Jasper, Jones, Lamar, Marion, Perry, Walthall, Wayne||George, Hancock, Harrison, Jackson, Pearl River, Stone|
|TX||Angelina, Fort Bend, Brazoria, Galveston, Harris, Montgomery, Nacogdoches, Polk, San Jacinto, Shelby, Trinity, Tyler, Walker||Chambers, Hardin, Liberty, Sabine, San Augustine||Jasper, Jefferson, Newton Orange|
Source: Freddie Mac