New online resource identifies Freddie Mac-backed rental properties
MCLEAN, Va., May 07, 2020 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today announced the company has created an online multifamily property lookup tool to help renters determine if they are temporarily protected from eviction due to non-payment of rent during the COVID-19 national health emergency.
The online lookup tool allows renters to find out if they reside in a property with a Freddie Mac-backed mortgage by searching a property’s address. Under the CARES Act, renters living in properties with federally backed mortgage loans—including those purchased or securitized by Freddie Mac—are temporarily protected from eviction filings due to non-payment of rent through July 25, 2020.
In March, Freddie Mac announced a forbearance program for multifamily borrowers that protects up to four million renters temporarily from eviction due to non-payment of rent for up to three months while a loan is in forbearance. This may extend the effect of these eviction restrictions.
“The multifamily loan lookup tool is a critical resource to help renters determine if they are protected by the COVID-19 eviction moratorium,” said Debby Jenkins, executive vice president and head of Freddie Multifamily. “We are committed to doing all we can to provide support, information and relief for our borrowers and their tenants experiencing financial hardships resulting from this national health crisis. I’d like to thank all those who worked tirelessly to develop this tool and get it up and running in a matter of days.”
Rent payments are still owed during any temporary moratorium on eviction filings. If you are experiencing financial difficulty, reach out to your landlord or property manager to discuss your situation. Residents of Freddie Mac-backed properties can also contact the Freddie Mac consumer helpline at 800-404-3097.
Freddie Mac Multifamily is the nation's multifamily housing finance leader. Historically, more than 90% of the eligible rental units we fund are affordable to families with low-to-moderate incomes earning up to 120% of area median income. More than 90% of the mortgages purchased support rental units for households earning 120% of area median income or below. Freddie Mac securitizes about 90% of the multifamily loans it purchases, thus transferring the majority of the expected credit risk from taxpayers to private investors.
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we've made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog FreddieMac.com/blog.
MEDIA CONTACT: Chris Spina
(703) 388-7031
Christopher_Spina@FreddieMac.com