Fannie, Freddie Will Change Some Mortgages To Curb Defaults

By John Kennedy

Law360, New York (March 18, 2015, 2:14 PM ET) -- Freddie Mac and Fannie Mae are looking to change the way some mortgages operate under the federal Home Affordable Modification Program in an effort to reduce the risk of defaults as scheduled interest rate increases begin, a spokesman for Fannie Mae said Wednesday.

Freddie Mac said in a Tuesday filing with the U.S. Securities and Exchange Commission that it has told mortgage companies to start on July 1 evaluating borrowers whose mortgages previously were modified under HAMP to see whether they're eligible for further modifications if...

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