Holiday relief under moratorium on Evictions

Holiday relief under moratorium on Evictions

Fannie Mae and Freddie Mac announced today a moratorium on evictions for single-family foreclosed homes for the holiday season.

The GSEs will not be enforcing evictions from December 17, 2014, until January 2, 2015, for single-family homes that have been foreclosed on, meaning that families living in those homes will be able to continue to live there during that two-week period.

Freddie Mac’s suspension of evictions will apply not just to foreclosed occupied single-family homes, but to 2-4 unit properties that have Freddie Mac owned or guaranteed mortgages, according to the today’s announcement.

This announcement will bring some holiday relief to borrowers who went through foreclosure and were preparing to move.

However, there are more things than can be done to improve the life of families that have faced foreclosure.  Let’s help these families to keep Alive the Dream of Homeownership.  Yes! It is possible. 

 

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Homeownership at Best!

Homeownership at Best!

Federal Housing Finance Agency has been working towards a plan to open what many we see as underwriting standards that are too restrictive.

Mortgage giants Fannie Mae and Freddie Mac, their regulator and lenders are close to an agreement that could greatly expand mortgage credit while helping lenders protect themselves from charges of making bad loans, according to people familiar with the matter.

Homeownership getting better!

Homeownership Gets Better!

If the agreement is completed, lenders may be more willing to lend to borrowers with lower credit scores and smaller down payments.

Now that lenders are starting to remove some of the credit overlays, it is time to improve the growth of homeownership in the country

We expect FHFA to report the steps to further move and clarify lender liability and support the return of the 97% LTV product at the GSEs, Fannie Mae and Freddie Mac.

Fannie Mae and Freddie Mac have recouped tens of billions of dollars in penalties from lenders in recent years over claims that the lenders made underwriting mistakes on loans they sold to the mortgage giants.

However, Lenders have blamed those penalties for tight credit conditions and for prompting them to make loans only to borrowers with near-pristine credit.

We hope these initiatives will have a meaningful impact on the mortgage market, and we can see positive changes in the direction of the mortgages industry after years of tightening credit issues.

Next Tuesday will see the existing home sales report for September, on Thursday the FHFA purchase-only house price index for August, and Friday the new home sales report.