FANNIE MAE OKS FORECLOSURE DELAYS FOR HARDEST HIT FUND ASSISTANCE

http://www.dsnews.com/articles/fannie-mae-oks-foreclosure-delays-for-hardest-hit-fund-assistance-2011-01-21

Fannie Mae has issued a notice to its servicers, instructing them to postpone foreclosure proceedings for unemployed homeowners who are receiving help through Hardest-Hit Fund programs run by state housing finance agencies. According to the GSE's newly released directive, if a housing finance agency (HFA) notifies a servicer that a borrower has been approved for assistance, the servicer must not refer the mortgage loan to foreclosure or conduct a scheduled foreclosure sale for 45 days.