Fannie Freddie Suspend Evictions for Holidays

Fannie Mae and Freddie Mac have suspended all evictions from Dec. 19 through Jan. 3 so that borrowers facing foreclosure can stay in the homes during the holidays. "If the property is occupied, our attorneys will halt the eviction during this holiday moratorium," said Freddie chief executive Ed Haldeman. "No family should have to face the prospect of being evicted during the holiday season," Fannie CEO Michael Williams said. The government-sponsored enterprises offer defaulted homeowners an option to rent their homes and other assistance, such as "cash for keys" to help them move out of the property and relocate. During the first three quarters of 2009, Freddie foreclosed and took possession of 60,350 single-family properties or real estate-owned. Fannie took control of 98,400 REO during the same nine-month period. So far this year, only 4% of REO property Freddie has acquired involved "hard evictions," said according to Freddie spokesman Brad German, where the residents are forced out of the house along with their belongs.