In order to keep at-risk borrowers from foreclosure Freddie Mac is taking a number of preventative measures, including doubling the amount of money it pays loan service professionals for each successful mortgage transaction.

In addition, the mortgage finance company is granting larger periods of time for states with fast foreclosure processes to work out negotiations, as well as supporting the action of door-to-door outreach by loan servicers, among other measures. All new policies by Freddie Mac will go into effect August 1.

To read the complete story, please visit: http://money.cnn.com/2008/07/31/real_estate/freddie_foreclosure.ap/index.htm

Source: Mortgage Processor.org