Moratorium on Foreclosures
Moffett and Allison, the new CEOS of Fannie Mae and Freddie Mac, have announced a moratorium on foreclosures of occupied homes until early 2009. It's hard to say how many people will be helped by that, but it's good to see an effort being made to help homeowners. Fannie Mae and Freddie Mac are also looking at other approaches to help save people's homes. There's to be a streamlined modification program coming out in mid-December that should expedite mortgage modifications for those whose mortgages have changed from a low rate to some exorbitantly high interest rate.
This is something I'll be watching, for if it helps homeowners, it helps the real estate market which will help our entire economy, and that's a good thing!!!
This is something I'll be watching, for if it helps homeowners, it helps the real estate market which will help our entire economy, and that's a good thing!!!
posted by Barbara Gaines at 5:42 PM
3 Comments:
I hope the market picking up will help slow down and reverse the continuing foreclosure filings.
I can totally agree with this post. If Fannie Mae & Freddie Mac are looking into more ways of helping homeowners, that will definitely help the real estate market which in turn will help the economy.
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