Two CU Reps Appear on Panel for SSCRA Special Military Forbearance

WASHINGTON-Two credit union and several mortgage services representatives took the podium at a press event May 7 announcing Fannie Mae’s special mortgage forbearance rights for military personnel on active duty. “Navy Federal Credit Union applauds the actions taken today by Fannie Mae, Freddie Mac and HUD. By their actions, they recognize that military personnel covered by [the Soldiers' and Sailors' Civil Relief Act], many of whom are in harm’s way, should not have to bear the burden of proving their hardships. These men and women have higher priorities,” Navy Federal Credit Union Executive Vice President Louis W. Jennings said during the event. Navy Federal’s membership includes more than 2 million active duty, reservists and retired Navy and Marine Corps personnel and their families. “It is appropriate that all lenders be creative with special repayment options or forbearance arrangements for those who make sacrifices in service to their country,” he added. Pentagon Federal Credit Union CEO Frank Pollack emceed the event. “We appreciate Fannie Mae’s efforts to assist the people who defend our country,” he said in a statement. “These initiatives enable us to serve our members better. More important, it’s the right thing to do.” Other speakers at the event included Housing and Urban Development Secretary Mel Martinez; Fannie Mae Vice Chairman and Chief Operating Officer Daniel Mudd; Paul Peterson, Freddie Mac executive vice president, single family; and Mortgage Bankers Association of America Chairman John Courson, also president and CEO of Central Pacific Mortgage Company. Under Fannie Mae’s standard military forbearance relief, active duty military personnel can work with the mortgage servicer to receive mortgage payment assistance in difficult financial times. The special forbearance enhances SSCRA relief in two ways: 1) Fannie Mae will instruct mortgage servicers to accept your active duty orders as the only proof of hardship, and 2) Fannie Mae will instruct mortgage servicers not to report the special forbearance to the credit bureaus. The special forbearance will be available from Fannie Mae through December 2003. To receive it, active military personnel must contact their lender and submit a copy of active duty orders. [email protected]