Fannie Mae & Freddie Mac: No foreclosures for the holidays

Mortgage giants Fannie Mae and Freddie Mac recently announced that they will temporarily halt all bank repossessions and evictions beginning in mid-December until Jan. 2, 2013.  Well, isn’t this nice of them!  Part of me wants to say thank you and another part of me wants to roll my eyes.  Although this may be welcome news to those going through the foreclosure process, in my opinion this is just their way of creating “good publicity” masking the fact that due to employee vacations, etc. they just can’t get it all done in time!

The temporary foreclosure suspension goes into effect Dec. 17 for Fannie Mae and Dec. 19 for Freddie Mac. The moratorium will not affect the filing notices of default or the scheduling of auction sales, only the evictions.  “The holidays are a chance to be with loved ones and we want to relieve some stress at this time of year,” says Terry Edwards, executive vice president of Credit Portfolio Management, Fannie Mae.  As much as I agree with Terry, and would like to believe him, I’m not sure where their true best interest lies.  Nevertheless, those that would’ve lost their homes for the holiday’s can sit tight for a few more weeks!

Bank of America also recently announced that it’s halting foreclosure evictions for the holidays for loans it owns and for those it services for investors. JPMorgan Chase, Wells Fargo and Citibank have not yet released a statement on whether they’ll follow suit, but they’ve done so in the past over the holidays.
Excerpts taken from:Source: “Fannie and Freddie Halt Foreclosures for the Holiday,” CNNMoney © Copyright 2012 INFORMATION, INC. Bethesda, MD (301) 215-4688

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