Monday, November 24, 2008

Fannie & Freddie Freeze Foreclosures

Fannie Mae and Freddie Mac, the two biggest home loan finance companies, on Thursday said they would suspend foreclosures of occupied homes until early 2009, one of the biggest moves to date by the government to stem the tide of evictions and home losses.

Fannie Mae and Freddie Mac said hiatus on foreclosures -- which will run from November 26 through January 9 -- will give mortgage servicers more to work out easier borrowing terms for troubled homeowners. Courtesy Reuters


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