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March 11, 2009, Guide Bulletin Provides Requirements for Implementing the Home Affordable Modification ProgramMarch 11, 2009 Single Family Advisory

On March 4, 2009, Freddie Mac announced details about the Home Affordable Modification program, a loan modification program that supports the federal Making Home Affordable program. This new loan modification program, which is effective immediately and replaces the Streamlined Modification Program, offers a strong foreclosure prevention solution by expanding eligibility to borrowers who are delinquent as well as borrowers who are current and in imminent default.

We are following up on our March 4 communication with a Single-Family Seller/Servicer Guide Bulletin today. With this Bulletin, we are now providing detailed requirements for Servicers to implement, underwrite, and service eligible Freddie Mac-owned mortgages under the new Home Affordable Modification program. In addition, this Bulletin provides:

• Details about borrower eligibility requirements and the loan modification process.
• Guidelines on the solicitation and income documentation process for eligible borrowers.
• Guidance to Servicers with respect to borrowers under consideration for the Streamlined Modification Program.
• Information on required documentation, investor reporting and remitting, modification performance tracking, and incentives for Servicers and borrowers.

We appreciate the extensive efforts of Freddie Mac Servicers to assist delinquent borrowers or those facing imminent danger of default by implementing the Home Affordable Modification program. By reaching out to borrowers through this program, we can work together to be a critical and stabilizing force for the nation's families and their communities.

For more information, visit these resources:

• Review the March 11, 2009, Guide Bulletin.
• Visit Freddie Mac's Home Affordable Modification Program Web site.
• Visit our Learning Center for additional educational resources on the Home Affordable Modification program.
• Review information for consumers about the federal Making Home Affordable program on the U.S. Department of Treasury's Web site.