Los Angeles, California:
Mortgage finance companies Fannie Mae and Freddie Mac are suspending foreclosures and evictions for about two weeks in a temporary break for borrowers during the holiday season.
The suspension, announced Thursday by the government-controlled companies, runs from Saturday through Jan. 3. “No family should have to face the prospect of being evicted during the holiday season,” Michael Williams, Fannie Mae’s chief executive, said in a statement.
Earlier Thursday, Citigroup Inc. announced a 30-day suspension of foreclosures and evictions, affecting about 4,000 borrowers. Fannie and Freddie did not estimate how many homeowners would get this grace period.
Last winter, most major lenders suspended foreclosures while the Obama administration developed its $75 billion loan modification program. But foreclosures picked up again after those suspensions lifted.
Jeff Coga, said “I’m glad to hear that many families will at least have the opportunity of another Christmas at home. Most of the families have already endured so much agony, and now they can enjoy the Holidays with their friends, and family.”
Bernie Germani, a short sale investor in Southern California said “He personally knows of siutations where the homeowner was notified the foreclosure was postponed until further notice, and Bernie said some of these familes cried with joy that they could stay through the holidays.”
Written By Susan Park
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