Friday, February 13, 2009

Freddie Mac Extends Moratorium on Foreclosure Sales

/PRNewswire-FirstCall/ -- Freddie Mac (NYSE:FRE) today announced it is immediately suspending all foreclosure sales involving occupied single family and 2-4 unit properties with Freddie Mac-owned mortgages through March 6, 2009. The suspension does not apply to vacant properties.

The extension will provide servicers with more time to help troubled borrowers find an alternative to foreclosure.

Freddie Mac gives lenders servicing its mortgages broad authority to provide forbearance to borrowers who are not yet delinquent, and permanent rate reductions, mortgage term extensions, forbearance of principal or other modifications to borrowers who are already delinquent. (For more about Freddie Mac workout options, see freddiemac.com.)

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