Fannie Mae, Freddie Mac Halting Foreclosures
November 20, 2008 - The Associated Press- Alan Zibel
Washington - Mortgage finance companies Fannie Mae and Freddie Mac are suspending foreclosures for about 16,000 households during the holiday season. The two companies said Thursday that they will halt foreclosure sales between Nov. 26 and Jan. 9, while they evaluate whether borrowers qualify for a new loan modification program announced last week. Fannie and Freddie's loan modification plan aims to help abate the foreclosure crisis by aiding homeowners who have fallen at least three months behind on their payments, but only if their loans are held by the two companies. Fannie and Freddie are the dominant players in the U.S. mortgage market but hold only 20 percent of delinquent loans. More...