Freddie Ends Gulf Foreclosure Moratorium

Freddie Mac is ending its foreclosure moratorium in the Gulf Coast areas hit hardest by hurricanes Katrina and Rita, but servicers can still extend forbearance on a case-by-case basis for an additional 90 days."The year-old blanket moratorium ends August 31," the secondary-market agency told its servicers and lenders in a bulletin. "Lenders must still obtain Freddie Mac's prior approval before initiating any foreclosure actions and continue to provide relief options before pursuing a foreclosure." While conceding that there is still "much to do" in the Gulf Coast, a Freddie executive said the blanket foreclosure moratorium "helped thousands of borrowers with Freddie-owned loans cope with the financial aftermath of those storms." Freddie Mac can be found online at http://www.freddiemac.com.