Here’s the Next Thing We Will Pay For
February 19, 2009
Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS®
This week’s C.A.R. Mortgage Update contains information about foreclosure suspension; new fees being instituted by Fannie Mae and Freddie Mac; common loan modification programs; and mortgage rate changes.
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Lenders declare foreclosure halt
Fannie Mae, Freddie Mac, JPMorgan Chase & Co., Morgan Stanley, and Bank of America Corp. announced they are halting foreclosures through March 6, while President Obama works out the details of his housing plan. Citigroup said it will halt foreclosures until the administration has completed the details of the program or March 12, whichever is earlier.
The banks are suspending foreclosures on owner-occupied homes; Fannie Mae is suspending foreclosure sales and evictions for occupied properties; and Freddie Mac is suspending foreclosure sales and evictions on properties with up to four units.
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