Freddie Mac Loan Evictions on Pause for the Holidays

Freddie Mac Loan Evictions on Pause for the Holidays
A home for sale in Quincy, Mass., on July 10, 2014. Freddie Mac reports on average US mortgage rates for the week on Thursday, Oct. 16, 2014. (AP Photo/Michael Dwyer)
Sarah Matheson
12/9/2014
Updated:
7/18/2015

Looking to bring some holiday relief to families in foreclosure, Freddie Mac is placing a moratorium on evictions from Wednesday, Dec. 17, 2014 through Jan. 2, 2015.

The suspension on evictions will apply to single-family homes and two to four unit multifamily properties directly owned or guaranteed by Freddie Mac.

“Today’s announcement will bring some holiday relief to borrowers who went through foreclosure and were preparing to move,” said Chris Bowden, Senior Vice President of Real Estate Owned at Freddie Mac, in a press release.

“We strongly urge homeowners with financial challenges to start the New Year by calling their mortgage servicer to explore one of the Freddie Mac workout options that have prevented over one million foreclosures since 2009,” he said.

Companies that manage evictions for Freddie Mac are allowed to file documentation during the suspension period.

Congress established Freddie Mac in 1970 to improve affordability and to stabilize the residential mortgage markets. Freddie Mac provides mortgage capital to lenders, and in turn lenders must make sure borrowers meet Freddie Mac’s requirements.

One in four home borrowers nationwide have Freddie Mac-backed loans.

Sarah Matheson covers the business of luxury for Epoch Times. Sarah has worked for media organizations in New Zealand, Australia, and the United States. She has a Bachelor of Arts in Anthropology, and graduated with merit from the Aoraki Polytechnic School of Journalism in 2005. Sarah is almost fluent in Mandarin Chinese. Originally from New Zealand, she now lives next to the Highline in Manhattan's most up-and-coming neighborhood, West Chelsea.
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