GSEs Extend Suspension On Foreclosure Sales, Evictions

Posted by Orb Staff on January 09, 2009 No Comments
Categories : Mortgage Servicing

Fannie Mae and Freddie Mac have extended their suspension on foreclosure sales and evictions from single-family properties through Jan. 31. The government-sponsored enterprises say the extension will allow them time to further implement the Streamlined Modification Program announced in November and initiated in mid-December.

Fannie Mae adds that the move will provide the GSE additional time to make operational its National REO Rental Policy, which will allow renters in Fannie Mae-owned foreclosed properties to remain in their homes.

The extended foreclosure suspension provides GSE servicers greater opportunities to work with troubled borrowers, Fannie and Freddie emphasize.

‘Freddie Mac is committed to pursuing every responsible opportunity to reduce foreclosures and accelerate the return of stability to the U.S. housing market,’ says Freddie Mac CEO David M. Moffett. ‘Today's announcement will provide Freddie Mac and its servicers additional opportunities to help put more families on the path to stable homeownership.’

SOURCE: Fannie Mae, Freddie Mac

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