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Fannie and Freddie extended moratorium on Foreclosures

Fannie Mae and Freddie Mac, the leading mortgage companies in the US, have decided to give more time to borrowers for payment of dues and help them enrol in the companies' Streamlined Modification Program. The moratorium on foreclosures is extended for another three weeks, which will continue through Jan 31. The original moratorium, which was scheduled to lapse on Jan 09, has helped about 6,000 homeowners avoid bank repossession. However, the companies do not have statistics on how far the extension in moratorium would help borrowers retain their homes.

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