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Fannie, Freddie Suspend Foreclosures Pending Administration's Housing Plan

Mortgage giants ""Fannie Mae"":http://www.fanniemae.com/newsreleases/2009/4613.jhtmlxp=Media&s=News+Releases and ""Freddie Mac"":http://www.freddiemac.com/news/archives/servicing/2009/20090213_suspension-march.htmlxeSRVcing announced on Friday that they are suspending all foreclosure sales and evictions of occupied properties through March 6th, in anticipation of the Obama Administration's national foreclosure prevention and loan modification program.
Treasury Secretary Timothy Geithner touched on the idea of a national mortgage relief program when he outlined the new administration's ""Financial Stability Plan"":http://dsnews.comindex.php/home/news_story/2537 on Tuesday, but did not divulge any details on the specifics of the program. Geithner promised congressional leaders in a follow-up hearing that the program would be finalized within the next three weeks.
In a concerted effort to offer the full spectrum of assistance to troubled borrowers facing foreclosure, a number of large lenders also committed to a ""temporary foreclosure moratorium"":http://dsnews.comindex.php/home/news_story/2548 this week - holding out for a March 6th deadline for the government's housing and mortgage aid initiative.
Fannie and Freddie had previously put in place a suspension of foreclosure sales and evictions through January and extended the eviction freeze through the end of February. In addition, the companies adopted a national Real Estate Owned (REO) Rental Policy that allows renters of foreclosed properties to remain in their homes or receive transitional financial assistance should they choose to seek new housing.

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.

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