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Fannie Mae and Freddie Mac are putting a temporary halt to foreclosure sales and evictions of occupied single-family homes during the holiday season.
It’s not just that the government-controlled mortgage finance companies have gotten into the holiday spirit. The idea of the suspension, which will last from Nov. 26 to Jan. 9, is to help service providers implement a new loan modification program for borrowers who are at least 3 months behind on payments. The program is only for loans owned by the two companies.
“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.”
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.