Fannie, Freddie Will Stop Foreclosures Over Holidays

Some 16K affected by pause
By John Johnson,  Newser Staff
Posted Nov 20, 2008 4:38 PM CST
A sign on a foreclosed home is shown in Antioch, Calif., Aug. 14, 2008.   (AP Photo)
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(Newser) – Homeowners facing foreclosure got a morsel of good news today: Fannie Mae and Freddie Mac won’t give them the boot over the holidays. The companies will suspend foreclosures of occupied houses from Nov. 26-Jan. 9 while they work out a loan-reform plan with lenders, MarketWatch reports. The six-week suspension should keep 16,000 homeowners safe for the time being.

“It’s a giant time out,” one analyst told Bloomberg. “I wouldn’t be surprised to see this across the board.”