Fannie Mae Unveils New Streamlined Modification Program
February 6, 2009
The Streamlined Modification Program (SMP) was developed in collaboration with the Federal Housing Finance Agency (FHFA), the Department of Treasury, Freddie Mac, and members of the HOPE NOW Alliance. Under the program, servicers will use a streamlined loan modification process to help eligible borrowers better afford their monthly mortgage payments. The SMP applies to borrowers who have missed at least three monthly payments on their existing mortgages.