Continue Reading Add comment November 20th, 2008
Mortgage giants Fannie Mae and Freddie Mac have directed their network of servicers to halt all foreclosure and eviction proceedings between Nov. 26 2008 and Jan. 9, 2009, meant to give a recently announced rescue plan time to work.
Continue Reading Add comment November 20th, 2008
Fannie Mae and Freddie Mac are putting a temporary halt to foreclosure sales and evictions of occupied single-family homes during the holiday season.
It’s not just that the government-controlled mortgage finance companies have gotten into the holiday spirit. The idea of the suspension, which will last from Nov. 26 to Jan. 9, is to help service providers implement a new loan modification program for borrowers who are at least 3 months behind on payments. The program is only for loans owned by the two companies.
“Freddie Mac is on track to help three out of every five troubled borrowers with Freddie-Mac-owned loans avoid foreclosure this year,” David M. Moffett, Freddie Mac Chief Executive Officer, said in a statement. “Today’s announcement … provides a new measure of certainty to many of these families during the holidays.”
Here’s the Fannie Mae release.
And here’s Freddie’s release.
Continue Reading Add comment November 20th, 2008
All the foreclosure prevention plans announced to date will do little to help the next wave of delinquent homeowners, who can’t make their monthly payments because they’ve lost their jobs.
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