Cuomo Administration Demands Fannie Mae and Freddie Mac Change Restrictive Guidelines That Could Hit Sandy Victims With Large Spikes in Their Mortgage Payments

Albany, NY – April 9, 2013 – (RealEstateRama) — Governor Andrew M. Cuomo today announced that his Administration is demanding that Fannie Mae and Freddie Mac change restrictive guidelines which could hit thousands of Superstorm Sandy victims with large spikes in their mortgage payments. Fannie and Freddie’s current policies could result in a typical family being forced to make an immediate balloon mortgage payment of more than $6,000 or see a monthly payment spike of more than $500 or 50 percent.