12 Reasons to Take a Walk
1 month ago
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WASHINGTON – Mortgage finance companies Fannie Mae and Freddie Mac are suspending foreclosures and evictions for about two weeks in a temporary break for borrowers during the holiday season.On Dec. 17, Citigroup, Inc. announced a slightly longer suspension:
The suspension, announced Thursday by the government-controlled companies, runs from Saturday through Jan. 3. "No family should have to face the prospect of being evicted during the holiday season," Michael Williams, Fannie Mae's chief executive, said in a statement.
NEW YORK (TheStreet) – Citigroup said Thursday it plans to suspend foreclosures for 30 days for homeowners with Citigroup-owned mortgages.Despite expectations of fewer foreclosures during the holiday season due to freezes such as these, CNBC’s Diana Olick reported last week that bank foreclosures actually increased during the month of December. According to her Realty Check blog, foreclosures surged by 14 percent.
Under the program, which begins Friday, Citigroup will halt all foreclosure sales on first mortgage accounts nationwide through Jan. 17. The bank also will cease evictions.