GSEs Extend Evictions Suspensions

Fannie Mae and Freddie Mac will extend its suspension of foreclosure sales and evictions until January 31 to give their servicers more time to help troubled borrowers and to implement a new streamlined loan modification program. In November, the mortgage giants said they would suspend evictions during the holidays, but that was due to end Jan. 15. This extension will "give servicers additional opportunities to help put more families on the path to stable homeownership," Freddie Mac chief executive David Moffett said. Fannie Mae said the extension also gives servicers more time to implement its new policy that allows renters to continue to live in foreclosed properties. Previously, renters were automatically evicted. Freddie is developing a similar policy to allow renters to remain in their homes, a company spokesman said.