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Happy Holidays: The US government is taking a two-week break from foreclosing on homes

Livinglies's Weblog


American homeowners who have fallen behind on their mortgage payments will get a small break from the government this holiday season: They won’t be evicted until after the new year.  What a treat- Fannie Mae and Freddie Mac will temporarily cease stealing homes they don’t own for two short weeks.

The Federal National Mortgage Association, better known as Fannie Mae, which is operated by the federal government, said it will not evict homeowners between Dec. 19, 2016, and Jan. 2, 2017, though legal proceedings may continue. Fannie Mae declined to say how many families the hiatus would affect.

Since the housing crisis began in 2007, the US government has stood behind the mortgage market, rushing in as banks rushed out. In 2008, it nationalized the two largest holders of mortgage loans, Fannie Mae and the Federal Home Loan Mortgage Corporation (Freddie Mac). Fannie and Freddie guarantee and securitize loans made…

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