MCLEAN, Va., Aug. 06, 2020 (GLOBE NEWSWIRE) — Freddie Mac (OTCQB: FMCC) Multifamily announced today that it is taking steps to ensure tenants receive more information about the protection of the Cares Act and Freddie Mac Multifamily Forbearance, including restrictions for evictions and late fees related to non-payment of rent. Under the terms of the agreement, Bank of America will pay Freddie Mac a total of $404 million (less $13 million in loans), to settle all outstanding and potential mortgage buybacks and makeup claims related to loans sold to Freddie Mac from January 1, 2000 to December 31, 2009, and Freddie Mac for certain past losses and possible future losses related to refusals; Compensate. Cancellations and cancellations of mortgage insurance. Payments are fully covered by existing reserves as at 30 September 2013. The changes announced today also extend several tenant protections. For example, any extension of the leniency period will also extend the prohibition on evicting tenants solely for non-payment of rent that was part of Freddie Mac`s original forbearance program. Similarly, borrowers who have loans with an indulgence agreement cannot charge tenants late fees or penalties for the sole non-payment of rent during the leniency period or repayment period of borrowers. Previously, Bank of America had announced an agreement with Freddie Mac to settle all outstanding and potential collateral and warranty claims related to entire loans sold by Countrywide to Freddie Mac until 2008 and two agreements with Fannie Mae that together resolved all outstanding and potential representations and warranties related to entire loans, Sold to Fannie Mae by Legacy Countrywide and Legacy Bank of America until 2008. CHARLOTTE, N.C.–(BUSINESS WIRE)-Dec 2, 2013 – Bank of America today announced an agreement with the Federal Home Loan Mortgage Corporation (Freddie Mac) to resolve all remaining guarantees and guarantees for residential mortgages sold to Freddie Mac through the end of 2009. Today`s agreement does not apply to credit service obligations, loans in private label securitisations or claims on securities and in relation to advertising.

Landlords who enter into a new forbearance agreement with Freddie Mac, extended or amended, must now inform tenants within 14 days of approval of the agreement of all tenant protections related to the Forbearance agreement. In addition, Freddie Mac Multifamily will soon introduce enhancements to its online credit lookup tool, which allows tenants to search for the zip code to determine if their property has a mortgage purchased or securitized by Freddie Mac and are therefore eligible for certain safeguards. These two measures are in line with an announcement by the Federal Housing Finance Agency, which concerns both Freddie Mac and Fannie Mae. . Corrected explanation by the Honourable James B. Lockhart III, Director, FHFA Before the Senate Committee on Banking, Housing and Urban Affairs on the appointment of the FHFA as a conservative for Fannie Mae and Freddie Mac (23.09.2008), Freddie Mac allows millions of families and individuals to return home by providing mortgage capital to lenders. Since our inception by Congress in 1970, we have made housing more accessible and affordable for homebuyers and tenants in communities across the country. We are building a better housing finance system for home buyers, tenants, lenders and taxpayers.