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Foreclosure

Fannie, Freddie Suspend Foreclosures

Fannie Mae and Freddie Mac announced this afternoon that they are suspending all foreclosures on mortgages that the two companies own. Both companies have ordered their national networks of mortgage servicers and foreclosure attorneys to halt all foreclosure sales and evictions involving occupied single-family properties.

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Officials Feud Over Foreclosure Relief for Homeowners

The debate between two federal officials — Treasury Secretary Henry Paulson and Federal Deposit Insurance Corporation (FDIC) Chairman Sheila Bair — over whether to use money from the $700 billion bailout fund to help at-risk homeowners avoid foreclosure took center stage when both regulators testified before the House Financial Services Committee today.

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ForeclosureS.com: October Foreclosures Drop to Near 2008 Lows

Foreclosures fell for the second month in a row in October to nationwide lows not seen since last February, according to the latest U.S. Foreclosure Index from ForeclosureS.com. Nationally, October pre-foreclosure filings — which can include notice of default and/or foreclosure auction — were down more than 10 percent from August’s highs, and nearly 7 percent from September’s numbers.

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Schwarzenegger Calls For 90-Day Foreclosure Freeze

California Governor Arnold Schwarzenegger unveiled an aggressive proposal yesterday that he says will bring down foreclosure rates in the state by helping both borrowers and lenders modify existing home loans in ways that benefit both parties, and at the heart of his plan is a state-wide 90-day halt on foreclosure proceedings.

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Anti-Foreclosure Plan Stalls in White House

The White House has said it is currently reviewing several foreclosure prevention programs, but reportedly has major drawbacks to the national loan modification program that Sheila Bair, chairman of the Federal Deposit Insurance Corporation (FDIC), has submitted.

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Outside the Box, But Inside the Law

Michigan Paves the Way with Creative Techniques to Legally Avoid Costly Delays, Hasten Foreclosure and REO Sales When it comes to loss mitigation, quicker is almost always better. If the ultimate goal of every foreclosure is a clean, quick REO sale, avoiding delay by using creative methods can substantially improve results.

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