With the Home Affordable Modification Program expiring in about a week, Fannie Mae and Freddie Mac recently introduced the Flex Modification foreclosure prevention program to take its place in helping delinquent borrowers get back on their feet. The Federal Housing Finance Agency said that the new program is based on lessons learned from loan modification programs created during the housing crisis. The Flex Modification is a hybrid of three different types of programs, including HAMP. “The Flex Modification program also reflects input received over the course of extensive engagement with lenders, mortgage insurers, consumer advocates, and other stakeholders,” said FHFA Deputy Director Sandra Thompson, adding that by avoiding...