Fannie Mae and Freddie Mac propose new options for loan modifications

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Freddie Mac and Fannie Mae have developed a new loan modification options for financially distressed homeowners that may begin as soon as October 1, 2011. The new program has been dubbed the “Standard Modification”. The Standard Modification has been designed for borrowers that have proven to be ineligible for a home affordable modification (HAMP) or have defaulted on a trial payment for a previous modification. Highlights of this program include reducing mortgage principal and monthly payment amounts by at least 10% each.