Freddie Mac directed its servicers to fully participate in the Emergency Homeowner Loan Program, which provides mortgage assistance for the unemployed.
The Dodd-Frank Act authorized the Department of Housing and Urban Development to allocate $1 billion toward EHLP in the form of interest-free loans to roughly 30,000 borrowers in 27 states and five others with a similar program. The loans can range as high as $50,000, but HUD expects the average amount to be $35,000. The borrower must put at least $150 toward the monthly mortgage payment themselves.
Borrowers have until July 22 to apply for assistance.
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