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What’s Fannie Mae & Freddie Mac’s Gift To You? – No Foreclosures For The Holidays

December 7th, 2012 Written By Carol Pawley

On December 5, 2012 mortgage giants Fannie Mae & Freddie Mac announced that they will temporarily stop all bank repossessions & evictions beginning in mid-December until January 2, 2013.  Terry Edwards, executive vice president of Credit Portfolio Management, Fannie Mae said, “The holidays are a chance to be with loved ones and we want to relieve some stress at this time of year.”

The temporary halt will begin December 17 for Fannie Mae & December 19 for Freddie Mac. The moratorium will not affect the filing notices of default or the scheduling of auction sales, only the evictions. 

Bank of America also recently announced that it’s halting foreclosure evictions for the holidays for loans it owns and for those it services for investors. JPMorgan Chase, Wells Fargo and Citibank have not yet released a statement on whether they’ll follow suit, however they have done so in the past over the holidays.

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