Putting a temporary freeze on foreclosures, as some federal and state officials have proposed, could put a quick stop to the flood of bank-owned properties hitting the market. President elect Barrack Obama, for example, supports a 90-day moratorium on foreclosures.
Fannie Mae and Freddie Mac are expected to announce today plans for accelerating and expanding mortgage loan modifications for distressed homeowners. The new guidelines will apply to specific kinds of past due loans and try to bring their debt to income ratio down to 38%. Washington will also prod other big banks to do the same. “It could apply to a broad range of borrowers,” reports WSJ. Expect the full details at a 2pm eastern Federal Housing Finance Agency press conference.
Fannie, Freddie Work on Mass Loan Modification Plan [WSJ]
 Gulf Times |
Fannie, Freddie Do More
Wall Street Journal - By JAMES R. HAGERTY Fannie Mae and Freddie Mac, trying to contain mortgage-default losses, are redoubling efforts to prevent foreclosures. Fannie, Freddie seen boosting loss estimates, again Leveraging Fannie and Freddie |
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