Monday, April 06, 2009

Shhhh-----Don't Tell Anybody

The ban on foreclosure sales and evictions from houses owned by mortgage giants Fannie Mae and Freddie Mac is over. The Plan which began as a high-profile effort just before the holidays to keep people in their homes as the government tried to come up with homeowner rescue plans was announced with great fanfare.

The ban ended on March 31, but I bet most of you are hearing about it for the first time right here.

There is some good news,
A foreclosure sale may not occur on any Fannie Mae loan until the loan servicer verifies that the borrower is ineligible for a Home Affordable Modification and all other foreclosure prevention alternatives have been exhausted.
Brad German, a spokesman for Freddie Mac, said he was “mystified” as to how anyone could be surprised by the ban’s expiration. The idea behind it was to give the government time to create homeowner rescue plans, and that’s been done, he said. Neither agency also expects a flood of homeowners out on the street because the ban is being lifted, he added.

“For all practical purposes, people will be in their homes for a while,” despite the ban’s expiration, German said. Fannie and Freddie will need time to approach tenants and homeowners and figure out whether they are qualified for help, he said.
If you would like to read a very good article on this topic go here--

Fannie, Freddie Quietly Lift Moratorium on Foreclosures

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Bob DeMarco is a citizen journalist and twenty year Wall Street veteran. Bob has written more than 500 articles with more than 11,000 links to his work on the Internet. Content from All American Investor has been syndicated on Reuters, the Wall Street Journal, Fox News, Pluck, Blog Critics, and a growing list of newspaper websites. Bob is actively seeking syndication and writing assignments.