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December 1st, 2010

Happy holidays from Freddie Mac

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Holiday Gift Doodle If you’re a homeowner who is anticipating an eviction notice, Freddie Mac just announced today that it won’t happen over the holidays later this month:

Freddie Mac today announced it has ordered all evictions involving foreclosed occupied single family and 2-4 unit properties that had Freddie Mac mortgages to be suspended from December 20, 2010 to January 3, 2011.

“If the property is occupied, our foreclosure attorneys will suspend the eviction to provide a greater measure of certainty to families during the holidays,” said Anthony Renzi, Executive Vice President of Single Family Portfolio Management at Freddie Mac.

Following cues from last year, Freddie has decided to enact this year’s delay for basically the exact same time frame as in 2009. Fannie Mae and the mortgage unit of Citi delayed foreclosure evictions during the 2009 holiday season as well. At this point, there’s no word if Fannie or Citi is planning on a 2010 holiday reprieve.

How will foreclosures play out this holiday season?

Last month we asked, “How will the robo-signing scandal and the moratorium affect the housing market this holiday season?

The foreclosure numbers which came in for the week ending November 12 showed a decline in foreclosure filings for the month of October.  Good news, right? Not exactly. The only reason for the decrease was due to the foreclosure moratorium that took place after the robo-signing scandal became known.

We should expect an increase of foreclosures to hit the market this month as the nation’s largest lenders have resumed foreclosures.

Given the fact that last December’s holiday moratorium wasn’t announced until the middle of the December, and given that a few-week delay in foreclosure filings only delays upcoming evictions, we’re in for a wave of new foreclosures — whether that happens in December of January, it’s coming.

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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