Fannie Mae, Freddie Mac extend suspensions of foreclosures

Mortgage giants Fannie Mae and Freddie Mac said today they will extend the suspension of foreclosure sales and evictions from single-family homes through the end of January. The companies had suspended foreclosures through the holidays, but were expected to resume proceedings after Jan. 9. The government-controlled home loan giants said the extension will allow borrowers facing foreclosure to keep their homes as it works with mortgage servicers to find options for troubled mortgage holders under the Streamlined Modification Program. Freddie and Fannie began the modification program in December, aiming to create more affordable mortgage payments for borrowers at risk of foreclosure. The program applies to borrowers who have missed three payments or more, own and occupy their homes, and have not filed for bankruptcy. Under the program, borrowers can reduce their interest rate, extend the life of the loan or defer payments on part of the principal.

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