For homeowners with loans through Fannie Mae (Fortune 500) and Freddie Mac ( , Fortune 500), the moratorium will run from Dec. 19 to Jan. 2. During this time, legal and administrative proceedings for evictions may continue, but families will be allowed to stay in their homes, Fannie said in a statement.,
Among some of the major banks that offer mortgage loans, Chase (Fortune 500) Mortgage said it will not evict anyone between Dec. 22 and Jan. 2. Wells Fargo ( , Fortune 500) will also suspend evictions during that period, but will not shut down its eviction machinery entirely.,
The bank said it will observe the moratorium on foreclosed properties in its own portfolio but for loans it services for other lenders "foreclosure-related actions may still occur."
Bank of America (Fortune 500) said that it would "avoid foreclosure sales or displacement of homeowners or tenants around the Thanksgiving and Christmas holidays.",
I find it interesting that Fannie Mae is going to be compassionate around the holidays. Do they not realize that these people need compassion to help them STAY in their homes. Work with these families FANNIE MAE you have nothing to lose.
This is the first time since the DEPRESSION of the 30's that people cannot get help through these tough times. Contact our representatives and tell them you want to help people find solutions. This is not a solution only an impending doom for many.