Freddie Mac and Fannie Mae say they’re taking a holiday from foreclosing homes between Thanksgiving and Jan. 9.
The suspension will give breathing room to about 10,000 Fannie Mae and 6,000 Freddie Mac customers facing property losses over the holidays.
Also participating in the program are 27 mortgage loan servicers, which are working with federal officials to devise a comprehensive loan modification program to allow more property owners to stay in their homes.
“The streamlined modification program by Fannie Mae, Freddie Mac, Hope Now and 27 mortgage servicers is an important step forward in addressing the systemic issues driving the increase in foreclosures,” said Fannie Mae President and Chief Executive Officer Herb Allison. “Until the streamlined modification program is fully implemented, we felt it was in the best interest of both borrowers and Fannie Mae to take this extra step to ensure that homeowners with the desire and ability to prevent a foreclosure have an opportunity to stay in their homes.”
To see the Fannie announcement, CLICK HERE.
To see the Freddie announcement, CLICK HERE.
Related stories …
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- 39% of O.C. home sales are foreclosures
- Will drop in foreclosures stick?
- O.C. foreclosures plunge to 7-month low
- O.C. home price now $225,000 off peak
- Bargains boost SoCal home sales a record 67%
- FDIC moving to Irvine, now hiring
- FDIC proposes $24 billion to pay half of lender losses on modified loans
- Double mortgage deductability! Good idea?
Happy Thanksgiving, Merry Christmas, Happy New year, now get out. Is that what Im reading
Just delaying the inevitable.Unless they change to fixed loans or offer jobs to those that have lost theirs, people are going to lose their homes either now or in three months.
I’d like to know when the government is going to begin an Enron style investigation into this mess.
We might has well put the Auto Industry on the same holiday and watch the economy collapse on Jan. 10th.
We better not see an article or report about how NOD’s and foreclosures dropped in Dec.
Jerry what do you mean? This is a two sided screw up, the borrowers are just as much to blame as the Mortgage companies? When our society goes from a work hard and save to get the American Dream to Get the American dream right now and pay for it later(or dont because the house you got was out of your means) how do you expect things to turn out.
This has been building for a long time, both sides are equally to blame. While I am sure there has been some illegal activity it isnt a wide spread thing there are always a few bad apples in the barrel.
Its time people stop focusing on mortgage companies as the only reason things are so crappy and start taking equal blame.
Oh and this isnt even addressing those that tapped their personal Home ATM machine.
Poor Obama, so much hope and expectational of him…..sure to be a let down when reality kicks in.
Great, MY tax dollars going toward extending the free-rent of deadbeats and housing gamblers beyond the YEAR they already get through the foreclosure-eviction process. Where’s my free rent?
You know I’m one of these people, my husband and I were 22 & 23 when we bought we had saved enough to put 5% down on a condo in March of 06 in riverside county where our family lives and my husband and I had a steady job his as a certified mechanic with chrysler for 7 years and he lost his job. NOW we are losing our house because try finding a job as a tech in the auto sector especially when the school ( cerritos community college you went to that teamed with chrysler and also had a Ford program) to train you and you’ve worked a chrysler job your whole career and now they are going under, he decided to go back to school to learn another trade but that isn’t going to save our house. It’s just so upside down right now (140,000) that we don’t have much of a choice. We never tapped into the equity on the house because it started falling within 6 months of buying it. Who’s to blame now? Us? Did we buy to much to handle? No not when we both had decent jobs. Is it the mortgage industries fault? No. Who’s fault is it? Chryslers? The governments? So we’re saving whatever we can sure, they are imposing these moratoriums but no one has wanted to modify our loan since april, we can only short sell and there are no buyers for condos right now lemme tell ya!!!! Especially when you have 20 other bank owned empty units in your complex. It ain’t easy to sell. SO I’ll take the free rent any day, the bank is more the welcome to step up and help and I’d be happy to pay them what I can but I’m not putting one more dime into my upside down $140,000 condo. No thanks. We had perfect credit to and no CC debt. So how irresponsible are we? There are just as many innocents involved due to job loss. It’s not just adjustable rates wrecking havoc,