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Freddie Offers Permanent Flood Relief.(Federal Home Loan Mortgage Corp.)(Brief Article)
Las Vegas -- Freddie Mac is accustomed to offering relief to homeowners who are victims of natural disasters, but now the secondary market agency is offering some relief to lenders that have been frustrated by its flood insurance requirements.
"Freddie Mac will be reducing our flood insurance requirement," said Al LeQuang, director of credit policy and portfolio management, at the Western States Loan Servicing Conference here, hosted by the California Mortgage Bankers Association last August.
The change will make Freddie Mac's flood insurance requirement consistent with federal banking regulations pertaining to the 1994 flood insurance act, he said.
A ...
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