Fannie Mae and Freddie Mac said late Thursday that they will temporarily suspend foreclosures on occupied homes while the companies work on a streamlined modification program expected out in December. Fannie and Freddie will not foreclose on occupied homes from Nov. 26 to Jan. 9. Fannie said it will reach out to 10,000 affected borrowers and Freddie will reach out to 6,000 affected borrowers
Good news for those families, but the motive is mercenary. The sheer weight of foreclosure sales are crushing home prices, driving more mortGages into negative equity, RESULTING IN MORE WALKAWAYS.