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Thursday, November 20, 2008

Fannie and Freddie to Suspend Foreclosures

by Calculated Risk on 11/20/2008 04:43:00 PM

Press Release from Fannie Mae (no link yet): Fannie Mae to Suspend Foreclosures Until January

In order to support the streamlined modification program announced on November 11, 2008, Fannie Mae (NYSE: FNM) today issued a notice to its loan servicing organizations and retained foreclosure attorneys directing them to suspend foreclosure sales on occupied single-family properties as well as the completion of evictions from occupied single-family properties scheduled to occur from November 26, 2008 until January 9, 2009.

The temporary suspension of foreclosures is designed to allow affected borrowers facing foreclosure to retain their homes while Fannie Mae works with mortgage servicers to implement the streamlined modification program scheduled to launch December 15.
Freddie Mac also announced they are suspending foreclosures.