The Federal Housing Finance Agency or FHFA is set to offer struggling homeowners something to celebrate by giving them a break in their home mortgage payments. Under the new effort, called the Streamlined Modification Initiative, thousands of borrowers whose loans were backed by lender giants Freddie Mac or Fannie Mae, could be eligible for mortgage reduction. This new initiative is great news for people who are at least two years behind in their payments to their local Tupelo mortgage lenders in Mississippi. It is yet unclear how many people are eligible for the payment reductions, but according to the Mortgage Bankers Association, there are about 1.1 million borrowers currently behind on their loans, many of whom are Freddie Mac and Fannie Mae loan holders. These two companies are referred to as “government-sponsored enterprises” or GSEs that comprise a secondary market for home mortgages by buying the mortgage from lenders who originated them.
http://tupelo.churchillmortgage.com/industry-news/the-mississippi-life-why-applying-for-mortgage-in-tupelo-and-other-cities-is-worth-it
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