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GSEs Halt Foreclosures, Evictions Until Next Year

Happy holidays, from your friends in the U.S. government — at least, that seems to be the message sent Thursday afternoon by both Fannie Mae (FNM: 0.30 -9.09%) and Freddie Mac (FRE: 0.41 -16.33%), both of whom said they will suspend foreclosures and evictions on occupied homes until Jan. 9 of next year. The twin mortgage finance giants said the decision to suspend foreclosures for the next six weeks came as part of an effort to work with servicers to implement the so-called streamlined modification program, recently announced by government officials and the Federal Housing Finance Agency.

The decision to halt foreclosures also isn’t silencing a growing number of critics that say they’re angry at all of the resources and attention being given to troubled borrowers. At HW in the past few days, we’ve been buried under feedback from lenders and servicers — and even employees at both GSEs, too — that have largely expressed frustration at what they see as a bailout of irresponsible borrowers, at the expense of responsible ones.

But it’s not just industry insiders asking questions. The San Francisco Chronicle’s Kathleen Pender last week went ahead and asked the question that’s likely on every borrower’s mind: am I an idiot to keep paying your mortgage?

Her conclusion: for borrowers with little equity in their homes, “it’s getting harder to answer that question, especially when our government keeps giving people who owe more than their homes are worth so many reasons not to pay.”

Beyond borrower discontent, another outcome could be possible with the growing use of foreclosure freezes: class-action lawsuits on behalf of borrowers that have already lost their homes, suing lenders and servicers for not offering them the same sort of opportunity to stay in their home. The specter of lawsuits has been raised repeatedly by some of HW’s sources in the legal community during the past few weeks, but so far, none have materialized. complete story

Source: Housingwire.com - Paul Jackson

Orlando Short Sale Specialist  Foreclosure Listing Orlando

Posted by Orlando Realty Experts on November 23rd, 2008 5:41 PMPost a Comment (0)
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