Florida Virtual Houses

Freddie Mac and Fannie Mae planning a foreclosure holiday

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.

Entry Filed under: News