Fannie and Freddie give green light to resume sales of foreclosures

Fannie Mae and freddie mac gave real estate agents the green light to resume selling foreclosed homes, after suspending the process as the robo-signing debacle unfolded the past two months.

Uber But Like For People | Bad Internet Starting on Nov. 26, mortgage finance mega-firms Fannie Mae and Freddie Mac will take a time out from foreclosures and evictions until Jan. 9 — a welcome holiday break for struggling homeowners.

Freddie has told its servicers to immediately contact the 6,000 borrowers who already have auction sales or evictions scheduled for between the specified dates to tell them the sales are postponed. Fannie estimated that 10,000 of its borrowers will be affected. Borrowers facing eviction between Nov. 20 and Nov. 26 were not expected to get relief.

Fannie, Freddie halt foreclosures for the holidays. Although the news is likely to bring a measure of relief to homeowners at imminent risk of eviction, the respite will be brief. freddie noted that firms that handle evictions for the company will continue filing foreclosure documents, such as default notices, so evictions can resume after January 2 of next year.

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Fannie and Freddie give green light to resume sales of foreclosures HousingWire Freddie told agents in a memo last week to "resume all normal sales activity," as the government-sponsored enterprise will "resume marketing, sales and disposing of assets previously placed ‘on hold.’"

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Fannie Mae and Freddie Mac play a key role in the secondary mortgage market, which is crucial in providing capital for mortgage lending. During the housing finance sector’s collapse, private capital withdrew from having a significant, competing role with the GSEs.

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Fannie, Freddie and major lenders are freezing foreclosures for the holidays, but come January, evictions will resume, and there is no promise of leniency after a prolonged halt on evictions.

Morrison and Foerster tells us that the ANPR states that the Bureau does not intend to extend the temporary qualified mortgage (QM) classification for loans eligible to be purchased or guaranteed by.

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