In the wake of last week’s hurricane, Fannie Mae and Freddie Mac are expanding assistance to those whose properties were destroyed or sustained damage during the storm. Evictions and foreclosures will be suspended for 90 days in storm disaster areas and both Fannie and Freddie gave servicers more leeway to suspend payments, waive late payment fees and provide modifications on loans for owners in storm-stricken areas.
As The Real Deal previously reported, mortgage applications slipped 5 percent last week likely due to the storm. As The Real Deal also reported, New York City’s real estate community also pitched in a helping hand for those affected by Hurricane Sandy, , and city landlords have been offering rent abatements to tenants stranded by Sandy. [AP via Crain’s] — Zachary Kussin