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Fannie Mae And Freddie Mac Suspend Foreclosures For Holidays

Written by Associated Press on December 18, 2009 11:51 am

Mortgage Aid

WASHINGTON — Mortgage finance companies Fannie Mae and Freddie Mac are suspending foreclosures and evictions for about two weeks in a temporary break for borrowers during the holiday season.

The suspension, announced Thursday by the government-controlled companies, runs from Saturday through Jan. 3. “No family should have to face the prospect of being evicted during the holiday season,” Michael Williams, Fannie Mae’s chief executive, said in a statement.

Earlier Thursday, Citigroup Inc. announced a 30-day suspension of foreclosures and evictions, affecting about 4,000 borrowers. Fannie and Freddie did not estimate how many homeowners would get this grace period.

Last winter, most major lenders suspended foreclosures while the Obama administration developed its $75 billion loan modification program. But foreclosures picked up again after those suspensions lifted.

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Tags: Economy, Foreclosure, Housing
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  • http://www.blackplanet.com/CaliFemme23/ CaliFemme23

    Awww isnt that sweet….right after you and your family enjoy a very pleasant, worry filled christmas, you will THEN be kicked out anyway. I cant think of a better way to start out a new year than being homeless!

    Get the Phuck outta here with this bullshyt!

  • http://www.blackplanet.com/masculine31/ masculine31

    What I don’t understand is why don’t they just cut the values, cut their losses and move on? Let these people keep their homes wit affordable pymts and principal balances that support the actual values today? I am really confused why these banks are holding on to values that have homeowners upside down in their home loan…weird! The president should make it mandatory.

  • http://www.blackplanet.com/_A_/ _A_

    lolololol…Damn, Cali, you not only beating me to the punch, but taking the words out of my mouth…I always heard great minds think alike, now I got solid proof. On the other hand, a lot of these buyers got a lot more home than they could reasonably handle, Fannie and Freddie should not have been buying these mortgages, and the banks shouldn’t have been issuing them….plenty of blame to go around!

  • http://interactiveone.ione.sta.oomphcloud.com/2010/08/20/latinos-blacks-experience-highest-foreclosure-rates-in-california/ Latinos, Blacks Experience Highest Foreclosure Rates In California | InteractiveOne

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