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The following is an editorial on some news I read on 11/20. I then went and did some research on this and put together this article. Do you need a breaking news article or other content written? I can help you. All I need is a list of keywords you want to have in the content and a synopsis of what you want the page to be about. Contact me today.


Fannie Mae and Freddie Mac Suspending Foreclosures

Mortgage finance companies Fannie Mae and Freddie Mac are suspending foreclosures for about 16,000 households between Nov. 26 and Jan. 9, while they evaluate whether borrowers qualify for a new loan modification program announced last week.

The suspension will help servicers implement the Streamlined Modification Program recently announced by Freddie Mac, Fannie Mae, the Federal Housing Finance Agency (FHFA), HOPE Now and 27 mortgage servicers. The temporary suspension is also expected to give servicers more time to help borrowers avoid foreclosure.

"By working closely with FHFA and our servicers, Freddie Mac is on track to help three out of every five troubled borrowers with Freddie Mac-owned loans avoid foreclosure this year," said Freddie Mac Chief Executive Officer David M. Moffett. "Today's announcement builds on this momentum and provides a new measure of certainty to many of these families during the holidays."

Under the program, the new primary mortgage payments - including taxes and insurance shouldn't total more than 38 percent of homeowners' pretax monthly income.

This year, Freddie Mac expects to approve 84,000 workouts for the estimated 140,000 who are delinquent on Freddie Mac-owned mortgages.

Fannie and Freddie are the dominant players in the U.S. mortgage market but hold only 20 percent of delinquent loans. Ultimately about 400,000 households are likely to qualify for the loan modification program, according to Priya Misra, a mortgage analyst with Barclays Capital.

If you are facing foreclosure, call your lender now and let them know you're having trouble making your mortgage payment. You can also call the HOPE National Helpline. The HOPE National Helpline is open 24 hours and provides free assistance. Contact them at 888-995-HOPE.

Additional housing agencies that may be able to help you with confidential budget and debt counseling include:

  • U.S. Department of Housing and Urban Development (HUD) at (800) 569-4287.
  • National Foundation for Credit Counseling at (800) 388-2227. Para yuda en Espanol lamma al (800) 682-9832.

Maria Ny is a published author. She writes articles and website content on a variety of subjects including various types of mortgages, information on various law practice areas, FICO credit scores, search engine optimization and internet marketing, animals and instructional content. Visit www.marianydesigns.com to read more informative articles and to find out how she can help you with your web content needs.