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GSEs Suspend Foreclosure Evictions Until Jan. 3

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The government-sponsored enterprises (GSEs), Fannie Mae (FNM) and Freddie Mac (FRE) have suspended foreclosures for the holidays. The suspension follows Citigroup’s (C) gift to its borrowers, when it announced that there would be no foreclosures until Jan. 17. Freddie Mac ordered its eviction attorneys to suspend all evictions involving single-family and two-to-four unit properties between Dec. 19, 2009 and Jan. 3, 2010. “If the property is occupied, our attorneys will halt the eviction during this holiday moratorium,” said Freddie Mac CEO Ed Haldeman. “In these extraordinary times, we want to provide a greater measure of certainty to these families during the holidays.” Fannie Mae will also suspend all foreclosure evictions from Dec. 19, 2009 through Jan. 3, 2010. Owner-occupants and tenants living in foreclosed properties will not be subject to evictions, and Fannie will work with its servicers that are taking similar actions. "We're taking this step in support of struggling families who have unfortunately found themselves facing foreclosure," said Michael Williams, Fannie’s president and CEO. "No family should have to face the prospect of being evicted during the holiday season." Write to Jon Prior.

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