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Freddie Mac Support for Homeowners in Flint, Michigan

Investor Update
February 11, 2016

The Governor of Michigan declared a state of emergency for the city of Flint due to the city’s water quality crisis.
 
Freddie Mac will continue to purchase loans secured by properties in Flint, Michigan, subject to our credit and collateral requirements that apply to all loans we purchase. We are not establishing any new requirements. We will continue to monitor this situation and provide any Freddie Mac updates to our Sellers, as appropriate.
 
We’re reminding Sellers about our general property eligibility requirements and their responsibilities as stated in Guide Section 44.2(a), that the property must be safe, sound and habitable, and have utilities that meet community standards. Freddie Mac requires the appraiser to use current market data to reflect market conditions when determining the market value of the property.
 
We’re also reminding Sellers about Freddie Mac products and programs for homeowners to help them purchase new homes, as well as refinance their existing homes. These include:

  • Freddie Mac Home Possible® mortgages – provides outstanding flexibility with credit terms and low down payments options to meet a variety of borrowers’ needs.
  • Freddie Mac Affordable Seconds® – designed to help you meet the needs of low- and moderate-income borrowers who require flexible secondary financing options, and sell affordable lending mortgage products that are supplemented by subsidized secondary financing. Freddie Mac doesn’t purchase the Affordable Second, but we do buy eligible first lien mortgages with Affordable Seconds that meet our criteria.
  • Freddie Mac Relief Refinance MortgagesSM [pdf] – Offers borrowers who’ve been unable to refinance due to declining property values the ability to refinance into mortgages that better positions them for long-term homeownership success.
  • Loss Mitigation options – Freddie Mac’s entire loss mitigation suite, including forbearance, is at your disposal to help troubled borrowers. Our forbearance policies provide you with the discretion to suspend a borrower’s mortgage payments for up to three months or reduce payments for up to six months. You may also recommend forbearance for up to 12 months, based on the borrower’s individual circumstances.

Additional Information
 
As always, if you believe a delinquent property’s condition poses ownership risk to Freddie Mac, follow requirements in Single-Family Seller/Servicer Guide (Guide) Section 67.27, and Guide Sections 66.25 and 66.26  to request a sale date extension and an exception for delegated bidding, respectively.
 
Please contact your Freddie Mac representative if you have any questions.

Source: Freddie Mac

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CEO

Alan Jaffa

Alan Jaffa is the Chief Executive Officer for Safeguard Properties, steering the company as the mortgage field services industry leader. He also serves on the board of advisors for SCG Partners, a middle-market private equity fund focused on diversifying and expanding Safeguard Properties’ business model into complimentary markets.

Alan joined Safeguard in 1995, learning the business from the ground up. He was promoted to Chief Operating Officer in 2002, and was named CEO in May 2010. His hands-on experience has given him unique insights as a leader to innovate, improve and strengthen Safeguard’s processes to assure that the company adheres to the highest standards of quality and customer service.

Under Alan’s leadership, Safeguard has grown significantly with strategies that have included new and expanded services, technology investments that deliver higher quality and greater efficiency to clients, and strategic acquisitions. He takes a team approach to process improvement, involving staff at all levels of the organization to address issues, brainstorm solutions, and identify new and better ways to serve clients.

In 2008, Alan was recognized by Crain’s Cleveland Business in its annual “40-Under-40” profile of young leaders. He also was named a NEO Ernst & Young Entrepreneur Of The Year® Award finalist in 2013.

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Esq., General Counsel and EVP

Linda Erkkila

Linda Erkkila is the General Counsel and Executive Vice President for Safeguard Properties, with oversight of legal, human resources, training, and compliance. Linda’s broad scope of oversight covers regulatory issues that impact Safeguard’s operations, risk mitigation, strategic planning, human resources and training initiatives, compliance, insurance, litigation and claims management, and counsel related to mergers, acquisition and joint ventures.

Linda assures that Safeguard’s strategic initiatives align with its resources, leverage opportunities across the company, and contemplate compliance mandates. She has practiced law for 25 years and her experience, both as outside and in-house counsel, covers a wide range of corporate matters, including regulatory disclosure, corporate governance compliance, risk assessment, compensation and benefits, litigation management, and mergers and acquisitions.

Linda earned her JD at Cleveland-Marshall College of Law. She holds a degree in economics from Miami University and an MBA. Linda was previously named as both a “Woman of Influence” by HousingWire and as a “Leading Lady” by MReport.

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COO

Michael Greenbaum

Michael Greenbaum is the Chief Operating Officer of Safeguard Properties, where he has played a pivotal role since joining the company in July 2010. Initially brought on as Vice President of REO, Mike’s exceptional leadership and strategic vision quickly propelled him to Vice President of Operations in 2013, and ultimately to COO in 2015. Over his 14-year tenure at Safeguard, Mike has been instrumental in driving change and fostering innovation within the Property Preservation sector, consistently delivering excellence and becoming a trusted partner to clients and investors.

A distinguished graduate of the United States Military Academy at West Point, Mike earned a degree in Quantitative Economics. Following his graduation, he served in the U.S. Army’s Ordnance Branch, where he specialized in supply chain management. Before his tenure at Safeguard, Mike honed his expertise by managing global supply chains for 13 years, leveraging his military and civilian experience to lead with precision and efficacy.

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CFO

Joe Iafigliola

Joe Iafigliola is the Chief Financial Officer for Safeguard Properties. Joe is responsible for the Control, Quality Assurance, Business Development, Marketing, Accounting, and Information Security departments. At the core of his responsibilities is the drive to ensure that Safeguard’s focus remains rooted in Customer Service = Resolution. Through his executive leadership role, he actively supports SGPNOW.com, an on-demand service geared towards real estate and property management professionals as well as individual home owners in need of inspection and property preservation services. Joe is also an integral force behind Compliance Connections, a branch of Safeguard Properties that allows code enforcement professionals to report violations at properties that can then be addressed by the Safeguard vendor network. Compliance Connections also researches and shares vacant property ordinance information with Safeguard clients.

Joe has an MBA from The Weatherhead School of Management at Case Western Reserve University, is a Certified Management Accountant (CMA), and holds a bachelor’s degree from The Ohio State University’s Honors Accounting program.

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Business Development

Carrie Tackett

Business Development Safeguard Properties