OREANDA-NEWS. Freddie Mac's (OTCQB: FMCC) full menu of disaster relief policies is now available to homeowners whose homes or place of employment were damaged or destroyed by floods in West Virginia. Freddie Mac's disaster relief policies are available to borrowers with homes in presidentially declared Major Disaster Areas where federal Individual Assistance programs are being made available to affected individuals and households. Freddie Mac is one of the nation's largest investors in residential mortgages.

"If your West Virginia home, business or employer was harmed by the floods now is the time to call your mortgage servicer to discuss temporary mortgage relief. Freddie Mac's disaster relief options include forbearance, in some cases for as long as year, for borrowers whose mortgages are owned or guaranteed by Freddie Mac," said Yvette Gilmore, vice president of single-family servicer performance management, Freddie Mac.

Freddie Mac disaster relief policies include suspending foreclosures by providing forbearance for up to 12 months, waiving penalties or late fees against borrowers with disaster-damaged homes; and not reporting forbearance or delinquencies caused by the disaster to the nation's credit bureaus.

Freddie Mac is also reminding servicers to consider borrowers who work in eligible disaster areas, but have homes in unaffected areas, for Freddie Mac's standard relief policies, which include forbearance or mortgage modifications.

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is the largest source of financing for multifamily housing.