In like a Lion out like a lamb?
by Tom on April 6, 2009
in Market Musings
They made a lot of publicity when they put their foreclosure moratorium in place. Everyone thought that it was a great move and showed how caring they were.
Well, the holidays are over and now it’s time to get back to “business.” Look for foreclosures to spike in the next couple of months…..
The Washington Independent » Fannie, Freddie Quietly Lift Moratorium on Foreclosures
A ban on foreclosure sales and evictions from houses owned by mortgage giants Fannie Mae and Freddie Mac, 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, is over.Spokesmen for Fannie Mae and Freddie Mac confirmed the ban ended March 31, in a response to an inquiry from TWI. The agencies made a major announcement in November to roll out the ban, garnering headlines and extensive news coverage. Freddie Mac CEO David Moffett issued a statement at the time, saying the ban “provides a new measure of certainty” to families facing foreclosures during the holidays.
Illustration by: Matt MahurinIllustration by: Matt Mahurin
But its expiration didn’t seem to merit the same level of fanfare, with some housing advocates caught by surprise, scrambling for information today and Wednesday on listservs and in phone calls.
