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Freddie Mac announced in early February it is trying out a new pilot program designed to keep more at-risk borrowers in their homes by employing third-party servicers that specialize in servicing alternative-A and other types of higher-risk mortgages.
Under Freddie's Workout Strategy for High Risk Loans program, a selected portfolio of higher-risk mortgages that are at least 60 days delinquent will be given to a specialty servicers for intensive attention using the full range of Freddie Mac workout opportunities--including the Streamlined Modification Program developed with the Federal Housing Finance Agency, Fannie Mae and the HOPE NOW Alliance.
