CULVER CITY (CBS) — Government budget analysts estimate that U.S. mortgage giants Fannie Mae and Freddie Mac may ultimately need up to $363 billion in bailout funds. But starting Tuesday, at least one of those mortgage giants is offering help to struggling homeowners.
KNX 1070′s Pete Demetriou Reports
Fannie Mae is set to bring together community leaders and mortgage industry partners at a special open house event to unveil its new Mortgage Help Center in Culver City, where they say homeowners can get help in reducing the risk and potentially avoiding the financially-devastating option of foreclosure.
The new facility targets mortgage holders who have a Fannie Mae loan and gives them a chance to meet directly with experienced housing advisors who speak English and Spanish to discuss their mortgage situation.
Fannie Mae says these face-to-face meetings will allow borrowers to better understand the entire range of foreclosure prevention options and provide an opportunity to work closely with servicers to achieve an escalated resolution.
(©2010 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)