Freddie and Fannie Suspend Foreclosure Evictions for the Holidays
www.washingtonpost.com
 Fannie Mae and Freddie Mac announced yesterday that they are temporarily suspending foreclosures and evictions during the holiday season in an
effort to keep people from losing their homes.
The companies said they are taking the step so they can include more people in a newly announced program to change the terms of troubled mortgages to
make them more affordable.
The mortgage finance giants, seized by the government in early September, have been under pressure by lawmakers and housing advocates to take bolder
steps to fight foreclosures. As the owners or backers of trillions of dollars of mortgages, the companies have an unrivaled ability to shape the home
loan market and help people with distressed mortgages. (visit the link for the full news article)
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Well imagine that a little human decency from the corporate world... who'd of thought.
Just wait till the Christmas decorations are put away though.
I am glad that they are making the move but I seriously doubt that they are doing it of their own free will... I am sure the government overseers that
control them now are pulling the strings to make it happen.
Either way its humane and should be applauded.
www.washingtonpost.com
(visit the link for the full news article)
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Yay!! Thanksgiving will be free of drunk depressed men cutting their heads off with chainsaws
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After the holidays, then what?
Boot 'em to the streets?
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they know that if they didnt go this route they would facing riots from cold hungry newly homeless people
[edit on 20-11-2008 by warrenb]
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call me pessimistic, but i think it's a means of hope. Maybe hoping that people will stop stressing so much on their homes - a necessity- in exchange
for people to feel comfortable enough to celebrate the holiday season- by supporting the economy!
The christmas shopping season won't just happen by itself, and since they're already predicting one of the worst holiday shopping seasons in years,
it wouldn't surprise me.
Let people lower their guards, hoping and comforted that the banks will readjust for lower payments.
A helping hand to people (which they didn't seem to mind throwing a few to the street before)?
Or enough foresight to know many, many businesses will crumble if shoppers don't feast on christmas deals they just can't help but want? Just a
thought, albeit not the best I've ever had.
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Well in all reality something has to be done and if the bailout is not going to be used to buy up the bad mortgages after all and it seems to me the
best thing would be for the banks etc. to suspend evictions and redo the mortgages into traditional ones with reasonable interest rates. And if the
people who bought them are still over their heads then do something.
[edit on 21-11-2008 by grover]
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The 'bailout' of the financial sector = delaying the inevitable . . . you can't fix an overextended deeply indebted economy by putting that economy
more in debt . . . you only delay the fact that at some point you need to start paying down that debt or you cave under the weight of the interest . .
.
The 'bailout' of the automotive sector = delaying the inevitable . . . you can't throw money into a raging inferno and it to do anything except
fuel the fire . . . now, if you use that money to actually fix the problems through a complete restructuring of the entire industry, you might have a
chance but based on what is going on in the financial sector, you really don't stand a chance of avoiding the inevitble collapse due to the current
state of the economy and the two-year lag between design and implementation of a better system.
The decision to change the terms of mortgages for those who cannot pay them = delaying the inevitable because, as the economy continues to shrink due
to the first two points noted above, jobs will be lost and without income, how the HELL does one pay the mortgage?
The decision to extend unemployment insurance benefits for thirteen weeks = delaying the inevitable . . . really . . . what the hell is another five
or six grand going to do for somebody who is out of work . . . at the end of the additional 13 weeks, they're still unemployed with few prospects of
finding a job that requires something more than Will that be for here or to go
For the sake of brevity, I'll stop there . . . but in closing, how does waiting until after the holidays change anything other than allowing the
retailers to squeeze the last few dollars out of the shrinking consumer base.
It appears that nobody has the spine, the gumtion, nor the nads to lay it out there the way it really is . . . a lot of us are going down and there's
really nothing we can do about it so we can either delay the inevitable and drag even more of you down the tubes, or we can deal with this issue and
move on.
But nobody seems to want to do that, rather they're pushing these sugar coated, short term pseudo fixes such that nobody is going to get alarmed or
worry while the whole kit and kaboodle goes straight down the crapper.
Oh well . . . maybe I'm just tired today and needed to rant.
Anyhow, thanks for your time . . . . and now, back to your regularly scheduled programming . . . which is probably The Price Is Right, General
Hospital, Survivor, Dancing with the Stars, Entertainment Tonight, Jerry Friggin' Springer or some other such mind-numbing, attention diverting yet
seemingly all so much more important mental floss.
Oh man . . . it's only 8:30 and I'm headed for the liquor cabinet.
Sheesh.
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reply to post by GoalPoster
While there is truth in what you write it is in our nature to try and not to just lay down and take it.
If we follow your advice millions will be out on the streets unemployed and homeless.
In my opinion the bailouts are the wrong approach too...
as for the real economy, the one that affects you and me.... the government needs to start spending on big projects like rebuilding our
infrastructure.... that will generate jobs and revenue.
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?? And just what are those foreclosure experts to do in the meanwhile,
shuffle paper & look busy for the next 7 weeks ??
Now that is another form of Bonus $$...imho
i expect the teams of $60-80k year ($1,200. to $1,600. wk) accountants
will retain their positions for those 7 weeks, & will be paid up to $11,200. and have a happy holiday season too.
There is no good news in this environment, while the Fed/Treas consolidates their fascist banking creature.
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