Thursday, 20th of November 2008 at 02:05:10 PMFannie and Freddie Mac have announced that they will suspend foreclosures starting November 26 until Jan 9, 2009. This is good for those that are facing evictions because this gives them time to do a work out now that the Federal government as injected a lot of money into the mortgage industry.It also means that we won’t see people being kicked out of their homes on Christmas, which would be tragic. I’m glad to see this, it also gives the market some time to try and absorb some of the inventory that is currently hanging out there. This could encourage the market to heal a little.
A side effect, this may help us have a good economic Christmas, which was previously unlikely with our current state of economy, if this helps the consumers regain some confidence in a brighter future, all the better.
Let’s all applause Fannie/Freddie for doing the right thing and remember that Bank of America already took this step.
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