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Freddie Mac and Fannie Mae Giving People a Chance
20-Nov-2008
Written by: Sayed Islam
Freddie Mac and Fannie Mae are momentarily delaying foreclosing on houses and handing out eviction notices.
Freddie Mac and Fannie Mae are momentarily delaying foreclosing on houses and handing out eviction notices. The Washington Post’s staff writer, Zachary A. Goldfarb, is reporting, “The companies said they are taking the step so they can include more people in a newly announced program to change the terms of troubled mortgages to make them more affordable.” Both Freddie Mac and Fannie Mae are under duress about the foreclosure situation. With companies profitable as these two, they have a chance to assist homeowners in paying their mortgages in a timely manner.
Recently, the two organizations declared that they would make a conscious effort to redesign mortgages for homeowners who are struggling to make their payments on time. The premise behind this is that they think that it is best to reward homeowners who have not had their respective homes foreclosed, and approximately 16,000 homeowners will be beneficiaries from the freezing of the foreclosures. From November 26 to January 9, foreclosures will be frozen.
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