US Government-sponsored mortgage backers Freddie Mac, Fannie Mae and the Federal Housing Administration are offering mortgage relief to some borrowers whose homes were damaged by Hurricane Sandy, the superstorm that has crippled communities across the Northeast.
The relief is available to borrowers whose homes were damaged by Hurricane Sandy and which are located in jurisdictions that President Obama has declared "major disaster areas." The three entities back 90 percent of the mortgages that are originated today.
Only the states of New Jersey and New York have been designated major disaster areas so far. Hurricane Sandy reportedly has left 8.4 million people without power and may cause as much as $20 billion in property damage, The Associated Press reported. About 300,000 properties worth nearly $90 billion were at risk of damage by Sandy's storm surge, AOL Real Estate previously reported.
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