For Immediate Release  -  January 08, 2009

 Freddie Mac  announced it is extending its suspension of all foreclosure sales and evictions involving occupied single family and 2-4 unit properties with Freddie Mac-owned mortgages through January 31, 2009. The suspension does not apply to vacant single family properties.

“Freddie Mac is committed to pursuing every responsible opportunity to reduce foreclosures and accelerate the return of stability to the U.S. housing market,” said Freddie Mac Chief Executive Officer David M. Moffett. “Today’s announcement will provide Freddie Mac and its servicers additional opportunities to help put more families on the path to stable homeownership.”

The extension will also provide servicers with more time to help troubled borrowers find an alternative to foreclosure and implement the Streamlined Modification Program that went into operation on December 15, 2008. Developed by Freddie Mac, Fannie Mae, the Federal Housing Finance Agency (FHFA), HOPE Now and 27 mortgage servicers, the Streamlined Modification Program was designed to expedite loan modifications for eligible borrowers who have missed three or more mortgage payments.

Freddie Mac gives lenders servicing its mortgages broad authority to help troubled borrowers before they miss a payment through forbearance as well as provide permanent rate reductions, mortgage term extensions or other modifications to borrowers who are already delinquent. In 2008 Freddie Mac enabled three out of five of its delinquent borrowers avoid foreclosure.

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.

Source:  http://freddiemac.com/news