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Fannie & Freddie to Halt Foreclosures over the Holidays

by: Michael Wasserman

The Federal Home Loan Mortgage Association and Federal Home Loan Mortgage Corporation have both announced that they will halt mortgage proceedings during the holidays. 

While this will not suspend pre-foreclosure collection or loss mitigation activity, at least delinquent home owners can have some peace of mind knowing that they will not likely loose their homes altogether, or be evicted before years's end. 

JP Morgan Chase & Citibank are expected to also announce a Holiday moritorium. Bank of America recently also made a similar announcement. 

Fannie and Freddie halt foreclosures for the holidays

This is somewhat comforting news coming out, considering that the New York Times is reporting today that the fastest growing demographic for foreclosure/delinquency activity is widows 50 years old and older, who's late husbands held home mortgages in their names alone.  

UPDATE:

Following suit, US Bancorp, PNC Financial, SunTrust, Wells Fargo & Bank of America have all also announced their annual holiday suspensions foreclosure activity. 

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