In a curious turn, Freddie just announced that it is piloting a new program designed to "keep more at-risk borrowers in their homes" which will be accomplished by using third-party servicers that specialize in servicing Alt A and other types of higher risk mortgages.Freddie will initially focus on a portfolio of mortgages that are at least 60 days delinquent. These will be given to a specialty servicer for "intensive attention using the full range of Freddie Mac workout opportunities." Ocwen Financial (which is Newco spelled backward) is the first services selected for the pilot program.
Ocwen's Chairman said "We bring the technology and processes that now achieve successful workouts in the overwhelming majority of delinquent loans in our servicing portfolio. Our goal isand will continue to be to engineer workouts that keep homeowners in their homes and return greater cash flow to the loan owner than the proceeds from a foreclosure a win/win situation for American homeowners and taxpayers alike.”
We bring you an artist's rendering of the technology:
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