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Freddie Mac Halts Foreclosures

Freddie Mac is suspending foreclosure sales and evictions involving Freddie Mac-owned mortgages between November 26, 2008 and January 9, 2009 to give servicers more time to implement the Streamlined Modification Program announced earlier this month. "We're on track to help three out of every five troubled borrowers with Freddie Mac-owned loans avoid foreclosure this year," said Freddie Mac Chief Executive Officer David M. Moffett. "The temporary suspension builds on this momentum and will also give thousands of families a new measure of certainty during the holidays."

Freddie Mac to Broaden Support for Troubled Borrowers

Freddie Mac joined representatives from the U.S. Department of Treasury, HUD, the Federal Housing Finance Agency, Fannie Mae, and the HOPE NOW Alliance to announce a streamlined mortgage modification program that will help borrowers across the country at the highest risk of losing their homes. Scheduled to rollout on December 15, the new effort promises uniform eligibility requirements, easier processing, and uses less documentation than other loan mod processes. It builds on Freddie Mac's foreclosure avoidance efforts which we estimate will provide a workout to three out of five troubled borrowers with Freddie Mac-owned loans this year. Read more.