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Freddie Mac Curbs Prepay Penalties.(Federal Home Loan Mortgage Corp. subprime loans policy)(Brief Article)
Freddie Mac is going to stop purchasing subprime loans with prepayment penalties that are enforceable for more than three years.
The new policy takes effect Oct. 1 and it is designed to curb abusive lending.
Prepayment penalties are not inherently predatory, according to Freddie Mac director of sales and national lending
Faith Schwartz. "But we felt that it could be more predatory as the duration got longer," she said.
After three years, a borrower should be ...
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