Profile picture for natewolf

Fannie & Freddie extend moratorium until January 31

NEW YORK (CNNMoney.com) -- Mortgage giants Fannie Mae and Freddie Mac have extended a moratorium on foreclosure suspensions for another three weeks, directing the mortgage servicers they work with to postpone any foreclosure or eviction proceedings through January 31. READ ARTICLE

  • January 15 2009 - Charlotte
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Answers (2)

Profile picture for jimmy57
Another good reason to hold off buying. 

As long as foreclosures are being put off, mortgages being "modified" (only to default later), and the new government is moving towards allowing bankruptcy judges to reduce principal, how can we not expect further downward correction in prices, later?


  • January 15 2009
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Profile picture for natewolf
The fact is that many homeowners can afford to make payments but banks are ruthless in their collections. The mounting past due fees, attorney fees, and other non-payment related fees makes it almost impossible for many homeowners to catch-up.

The fact that Freddie/Fannie can modify these loans-- when the banks are refusing to do so, shows that many homes will never go into foreclosure. Everyone needs a place to live. If it's a matter of making it possible to stem the flow, and keep qualified people in their homes, then I say they should do it. They should have done these reforms a LONG time ago.
  • January 17 2009
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