newslarious.com

On Thursday, mortgage giants Fannie Mae and Freddie Mac decided to suspend foreclosures for about 16,000 households during the holiday season starting Thanksgiving and lasting until January 9. That period will be used to evaluate if some borrowers qualify for a new loan modification program designed to change the loan terms on hundreds of mortgages that are at least 90 days past due.
Yeah! Otherwise, instead of Santa, it would have been the repo man coming down from the chimney at any moment.

Original story in Detnews.com

Labels: Fannie Mae, foreclosures suspensions, Freddie Mac, mortgages modification

In a quick move yesterday, Treasury secretary announced that the US government has no immediate plans to bail out struggling mortgage giants Fannie Mae and Freddie Mac by nationalizing them . In a statement , Hank Paulson declared : "Our primary focus is to support the two institutions as they carry out their important mission in their current form."
You know your holdings are not worth much when the mother of all guarantors , the US government , is dragging its feet to put you under its umbrella.

Labels: Fannie Mae, Freddie Mac, mortgages

Facing enormous pressure to raise fresh capital to offset the sharp drop in value of the numerous mortgages they hold , Fannie Mae and Freddie Mac are driving the stock market down to new lows.
Briefed on the severity of the pair situation , and thinking the two are a couple, president Bush quickly offered a remark with an air of I told you so: "This is why I opposed gay marriage in the first place."

Labels: Fannie Mae, Freddie Mac