Banks Suspend Foreclosure Evictions for Holidays

Leading the charge of big mortgage companies freezing foreclosures during the holiday season, Fannie Mae and Freddie Mac announced last week that they will not evict any homeowners for the rest of the year, MainStreet.com reported yesterday. The eviction freeze by both companies involves all single-family homes and two-to-four unit properties. "If the property is occupied, our foreclosure attorneys will suspend the eviction to provide a greater measure of certainty to families during the holidays," said Anthony Renzi, executive vice president of single family portfolio management at Freddie Mac. Suspending evictions in the holiday season is actually getting to be a regular occurrence for both Fannie and Freddie. Both companies did so in 2008 and 2009, despite a growing portfolio of delinquent mortgages. According to Fannie Mae's records, the government-sponsored enterprise now holds a 4.56 percent "serious delinquency rate" on its books, an amount totaling $798 billion as of Sept. 30, 2010.

http://www.mainstreet.com/article/real-estate/foreclosure/banks-suspend-foreclosure-evictions-holidays