Major Banks Halt Foreclosures
HOME LOANS, INDUSTRY NEWS, TIPS FOR SELLERS
February 25th, 2009
In response to the Obama administration developing a plan to aid the ailing 
housing industry, several lenders announced a temporary suspension in foreclosure actions. Specifically:
- Fannie Mae and Freddie Mac is suspending all foreclosure sales and evictions for occupied properties
- Citigroup Inc. is expanding its halt to foreclosures it started in November 2008
- JP Morgan Chase and Bank of America will halt foreclosures until March 6
More than 2.3 million homeowners faced foreclosure actions in 2008. These temporary suspensions of foreclosures primarily apply to owner-occupied homes and not those properties owned by investors.
Lenders are waiting for details on how the $50 billion Obama has set aside to prevent foreclosures will be spent. Fannie and Freddie have already devised plans to determine which loans should be modified and which should be foreclosed upon. It appears the government and banks wish to help those that bought a home they could afford but got stuck with a bad loan.
530-224-6767 or 530-941-7492
BRAD GARBUTT
REALTOR/BROKER ASSOCIATE
REAL ESTATE PROFESSIONALS GMAC
QUARTER CENTURY LOCAL REAL ESTATE EXPERIENCE
