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Fannie Mae & Freddie Mac Suspend Foreclosures till Jan. 9

Talk about a holiday gift! I sure hope this isn't going to encourage homeowners from thinking they should stop payments.

Perhaps that would be a bigger economic impact - The Federal Government will pay your mortgage for the next 2 months!

Complete article here - http://www.bloomberg.com:80/apps/news?pid=20601087&sid=aF7wDyLQ9xx0&refer=home

You can also get it straight from Fannie's webpage at http://www.fanniemae.com/newsreleases/2008/4531.jhtml;jsessionid=25IRH1QCR5ZJDJ2FECISFGQ?p=Media&s=News+Releases

Looks like they are trying to get homeowners into the streamlined modification programs. Do they honestly think this will help???

This, of course, doesn't apply to all the loans carried by other servicers. Hope we can educate folk about this in time!

What are your thoughts?

Posted by Matthew Rosov, Certified Mortgage Planning Specialist on 11/21/2008 11:03 AM

Comments (5)

maryland mortgages, loan modification, foreclosure

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5 Comments on Fannie Mae & Freddie Mac Suspend Foreclosures till Jan. 9

NOV

2008

Here's my thought -- the Big Three automaker's CEOs fly into DC with their private jets asking for $25,000,000,000 while "just regular folks" are going to be put on the street in time for Thanksgiving and Christmas. It just doesn't look good. It'll start again in January. Heck it doesn't get really cold around here until February anyway.

So true. So it's not much of a gift.

While I recognize that there are people in need, I can't see bailing out those who made bad decisions (i.e., adjustable rate vs fixed rate - or liar loans) at the expense of those who were prudent and sacrificed - and that relates to mortgages as well as corporate bailouts.

NOV

2008

All they are going to do is create more credit problems for these people down the line. The more loans they "modify" (I love that word by the way as it doesn't sound as bad as forclosure or short sale) the more they will hurt since they will be viewed as a loss on the lenders books...

And don't get me started on this so-called $7500 tax credit (I MEAN INTEREST FREE LOAN WITH NO PAYMENTS UNTIL 2010)...

NOV

2008

Hi Matthew - This just may give Realtors a little more time to move a property - I always look at the bright side - It is what it is and we must try and pull some positive out of every tid bit and deliver it back to our communities - Thanks Matt for the information.

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