Fannie, Freddie Suspend Foreclosures
Fannie, Freddie Suspend Foreclosures
December 18, 2009, The Associated Press
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.
Foreclosure Backlog Estimated at 1.7M
December 17, 2009, The Associated Press
About 1.7 million homeowners were on the verge of foreclosure in the fall, a looming "shadow inventory" of homes that will be put up for sale in the coming years and weigh down prices, a report said Thursday. The number, up from 1.1 million a year earlier, is likely to keep rising through the middle of next year or later, said Mark Fleming, chief economist of First American CoreLogic, the real estate research firm that released the study.
Foreclosure Legislation Signed Into Law by New York Governor
December 16, 2009, DSNews
New York residents now have further protection against foreclosures. On Tuesday, New York Gov. David A. Paterson signed comprehensive foreclosure legislation into law, providing additional critical protections for New York state homeowners, tenants, and neighborhoods in the wake of the ongoing foreclosure crisis.