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GSEs Suspend Foreclosures During the Holidays.(Managing REO)
Byline: Brian Collins
WASHINGTON-Fannie Mae and Freddie Mac have suspended all foreclosures and evictions of homeowners during the holiday season while their servicers get up to speed on a new streamlined loan modification program.
The temporary suspension from Nov. 26 to Jan. 9 is expected to give troubled borrowers already 90 days past due on their mortgages a chance to benefit from the new streamlined approach that servicers are trying to implement by Dec. 15.
"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," Fannie chief executive Herb Allison said. ...
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