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Fannie, Freddie Suspend Foreclosure Sales

Fannie Mae and Freddie Mac announced today that they will suspend foreclosure sales and evictions involving occupied single-family properties from Nov. 26, 2008 until Jan. 9, 2009. The holiday season moratorium is designed to give attorneys and loan services more time to reach out to borrowers who have defaulted on their loans and continue to pursue workout options. The temporary suspension will benefit more than 16,000 borrowers who have foreclosure sales scheduled during this period.

“We felt it was in the best interest of both borrowers and Fannie Mae to take this extra step to ensure that homeowners with the desire and ability to prevent a foreclosure have an opportunity to stay in their homes,” says Fannie Mae president and chief executive officer Herb Allison.

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