Putnam said it was "important to give federal regulators maximum flexibility in assisting homeowners in crisis along the Gulf Coast." The bill would allow the US Department of Housing and Urban Development (HUD) to provide forbearance for people who sustain economic losses due to the oil spill, the congressmen said. Earlier this month, Fannie Mae (FNM) authorized its servicers to immediately suspend or reduce mortgage payments for borrowers whose properties or income are negatively impacted by the ongoing crude oil spill off the Gulf of Mexico. Servicers may suspend or reduce a borrower's payments for up to 90 days under the Fannie "Special Relief Measures" policy. While payments are suspended, the servicer can determine the nature and extent of the impact the disaster is having on the condition of the property or on the borrower's financial condition.