In an effort to provide some security for borrowers in distress both Freddie Mac and Fannie Mae are holding off on evictions due to foreclosure on mortgage they own and back from December 20th to January 3rd.
Large privately owned financial institutions such as Wells Fargo, Bank of America, and Chase Mortgage plan to follow in Mac and Mae’s foot steps.
Chase Mortgage mentioned a freeze is not necessary for them at this point due to the hold already in place allowing the lender the opportunity to review past and existing foreclosure accounts.
Wells Fargo and Bank of America plan to allow threatened borrowers, including all loans in their portfolios (with investor’s approval), to stay in their homes for the holidays around the same dates as Freddie Mac and Fannie Mae.
Such generosity from lenders will reach tens of thousands of families nationwide providing “a greater measure of certainty to families during the holidays," said Anthony Renzi, executive vice president of single family portfolio management at Freddie Mac.