On Thursday, both Fannie Mae and Freddie Mac issued press releases stating they would suspend the eviction of occupants and the sale of properties financed with mortgages in foreclosure until January 2009. 

According to Fannie Mae, the halt in foreclosure sales is to allow its mortgage modification program, scheduled to launch on Dec. 15, to take effect. The program is designed to create work-out options for borrowers who are in default. Suspension of foreclosure sales activity will begin Nov. 26 and end Jan. 9, 2009.

For more information on the Fannie Mae policy, please click here.

For more information about the Freddie Mac decision, click here.

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