Fannie and Freddie will not foreclose on occupied homes from Nov. But it also has the potential to be a huge giveaway to the financial sector, and a major threat to US homeownership rates. SAN FRANCISCO (MarketWatch) - Fannie Mae and Freddie Mac0.49, -0.07, -12.5) said late Thursday that they will temporarily suspend foreclosures on occupied homes while the companies work on a streamlined modification program expected out in December. After all, few are happy with taxpayers on the hook for such a large chunk of private debt. Done successfully, it would be a welcome development.
Fannie mae foreclosures since september 2008 mac#
His pick for Treasury secretary has spoken of taking on the challenge of returning Fannie Mae and Freddie Mac to private hands. According to this Real Estate Economy Watch article, Fannie Mae’s Delinquencies Rise 163 Percent in 12 Months, Fannie Mae (the Federal National Mortgage Association, or FNMA) in October 2009, mortgage loan delinquencies rose significantly. The rebounding housing markets promise to define Trump’s term in office as well. Fannie Mae and Freddie Mac Foreclosures Surge. And the lingering after-effects of the foreclosure crisis are part of the bundle of causes that led to Donald Trump’s election as US president. “Options are available to avoid foreclosure, and we want to help pursue those options whenever possible.”Ĭonvincing financial institutions and borrowers that they and the public at large will be better off if troubled loans are restructured rather than sent into default has been a challenge since the housing crisis began. “If you are in trouble or facing foreclosure, reach out to Fannie Mae or your servicer today to get help,” Joy Cianci, a Fannie Mae executive, said in a statement.
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While Fannie’s holiday gesture may seem superficial, it is designed to attract attention to the enterprise’s attempts to modify loans that are in trouble.