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An important COVID-era protection against foreclosures is about to end, and some banks will not extend the benefit. Currently, Americans are protected from losing their homes through a foreclosure...
Fannie Mae and Freddie Mac extended their foreclosure and eviction protections until Aug. 31 for single-family properties.
Fannie Mae and Freddie Mac, the two government agencies that back millions of mortgages for Americans will extend moratoriums and evictions on single-family foreclosures until December 31st 2020.
In the task at hand to make headway against foreclosures and the depressed housing market. Fannie Mae and Freddie Mac entered a new phase on December 9, 2008 for a fast-track program meant to make "hundreds of thousands of mortgages affordable to people who can't currently meet their monthly payments." [16]
"Over the past decade Fannie Mae and Freddie Mac have reduced required down payments on loans that they purchase in the secondary market. Those requirements have declined from 10% to 5% to 3% and in the past few months Fannie Mae announced that it would follow Freddie Mac's recent move into the 0% down payment mortgage market." [153]
The United States Housing and Economic Recovery Act of 2008 (commonly referred to as HERA) was designed primarily to address the subprime mortgage crisis.It authorized the Federal Housing Administration to guarantee up to $300 billion in new 30-year fixed rate mortgages for subprime borrowers if lenders wrote down principal loan balances to 90 percent of current appraisal value.
In June, the Biden administration announced the CDC's decision to extend the foreclosure moratorium until July 31 for federally backed mortgages. The administration also announced this would be the...
Sisters Megan and Miranda Escalante called for a moratorium on evictions in the aftermath of Hurricane Helene during a protest outside the Buncombe County Courthouse in Asheville, N.C. Oct. 16, 2024.