Christmas Reprieve

CNNMoney tells MHProNews Fannie Mae and Freddie Mac will suspend all bank repossessions the week before Christmas and will not continue evictions until Jan. 2, 2013. Said Terry Edwards, executive vice-president of Fannie Mae, “The holidays are a chance to be with loved ones and we want to relieve some stress at this time of year.” Bank of America is also suspending foreclosure evictions, although like Fannie and Freddie, other legal and administrative activities will continue. Other large mortgage lenders have postponed foreclosure proceedings in past years, but it was not immediately known if they will do the same again this year. This pause is separate from the 90-day moratoriums on foreclosures extended by HUD to borrowers affected by Hurricane Sandy in New Jersey, New York, and Connecticut as we reported Nov. 5, 2012.

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