Mortgage finance companies Fannie Mae (FNM) and Freddie Mac (FRE) are suspending foreclosures during the holiday season. The two companies say...
WASHINGTON — Mortgage finance companies Fannie Mae (FNM) and Freddie Mac (FRE) are suspending foreclosures during the holiday season.
The two companies say they will halt foreclosure sales between Nov. 26 and Jan. 9, while they evaluate whether borrowers qualify for a new loan modification program.
Fannie and Freddie’s loan modification plan aims to help abate the foreclosure crisis by aiding homeowners who have fallen at least three months behind on their payments, but only if their loans are held by the two companies.
Under the program, the new primary mortgage payments — including taxes and insurance — shouldn’t total more than 38 percent of homeowners’ pretax monthly income.
Most Read Business Stories
- The penthouse atop Smith Tower is on the rental market for the first time
- Downtowns will be back, but Seattle has choices to make
- US advisers endorse single-shot COVID-19 vaccine from J&J
- Zillow’s price estimates are now cash offers in homebuying push
- Seattle rents tick back up after months of free fall