Freedie Mac and Fannie Mae Celebrate With a Foreclosure Holiday
Fannie Mae and Freddie Mac are offering early holidays gifts to Americans on the brink of foreclosure. It was announced today that both lenders would put a temporary halt to foreclosure sales and evictions of occupied single-family homes during the holiday season. Probably makes a lot of sense considering that this is the real estate slow season, anyway.
During this November 26 through January 9th morratoreum, both government controlled mortgage servicers will work to implement a new loan modification program that should allow them to significantly increase the number of loans that they will be able to work through.
“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.”
The only addition that I would add to this is the obvious – what about the people that are on the brink of foreclosure and nto yet three months past due. According to this plan they’ll still get foreclosed on starting again January 10. Merry Christmas.
Ranter
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