It would start penalizing homeowners who unfaithfully abandon their mortgages, the Federal National Mortgage Association said on Wednesday.

The bank said in a statement, "Defaulting borrowers who walk away and had the capacity to pay or did not complete a workout alternative in good faith will be ineligible for a new Fannie Mae-backed mortgage loan for a period of seven years from the date of foreclosure."

The bank further said that some owners, given "extenuating circumstances," would be eligible for a new loan in less time.

"On the flip side, borrowers facing hardship who make a good faith effort to resolve their situation with their servicer" would not be penalized, the bank added.

Terence Edwards, Fannie Mae's executive vice president for credit portfolio management, said, "We're taking these steps to highlight the importance of working with your servicer. Walking away from a mortgage is bad for borrowers and bad for communities and our approach is meant to deter the disturbing trend toward strategic defaulting." (With Inputs from Agencies)