I'm sure this is welcome news to many struggling homeowners.... This is good to see, especially during the Holiday Season.
Fannie Mae and Freddie Mac recently announced that they are suspending foreclosures from Nov. 26 through Jan. 9 in order to work on its loan modification plan. The following are the full texts of the releases from the companies.
http://blogs.wsj.com/economics/2008/11/20/fannie-freddie-suspend-foreclosures-over-holidays/
Darian
Thanks for the update, Darien. Now if they could just come up with a meaningful plan to stem the tide of foreclosures coming on the market...
Short hiatus. Run up the credit cards for this Chirstmas, it will be the last for many in their homes and the life-style that indiscriminate borrowing allowed.
Sanity has a chance to come back to the business world. The old way of doing business is now being referred to as Capitalism II.
Go figure.
Great news for a lot of families who could be cast into the street at this Holiday season, hopefully people will take advantage of the loan modification plans the release on the 15th of December.
By halting all foreclosure and eviction proceedings, the mortgage giants get time to implement their recent rescue plan and give the gift of hope to millions. Read more about it in this CNN article:
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