Marissa Yaker News Today : Breaking News, Live Updates & Top Stories | Vimarsana

The Federal Housing Administration's clarification addresses interpretations of an 8th U.S. Circuit Court of Appeals decision that increased industry costs.

Though a handful of state programs were closed or suspended, most remain open and more than 230,000 households received the funds from the U.S. Treasury.

Servicers are encouraged to put foreclosures on hold in several circumstances involving the state-distributed housing relief, but they’ll need to request extensions of their normal timelines to do it.

Servicers of Fannie Mae and Freddie Mac-backed loans should hit pause for up to 60 days once they know the borrower has sought relief, according to the Federal Housing Finance Agency.

The move would align the Department of Housing and Urban Development with other agencies, including Fannie Mae, Freddie Mac, the USDA, and the National Credit Union Administration.