Religious leaders and community activists and others gathered in Washington D.C. to meet with Federal officials, Congress and members of the Barack Obama transition team for a solution, such as more loan modifications and the like, to slow down the ever-growing foreclosure crisis that is affecting millions of homeowners. The religious leaders and prayerful were also there in Washington, D.C. to pray for some relief to homeowners facing foreclosure and eviction. Their prayers may have been answered, somewhat.

Fannie Mae and Freddie Mac, two of the largest home loan lenders in the U.S.,  have agreed to stop foreclosure and evictions for about six weeks beginning Nov 26, 2008 through January 9, 2009, just in time for the holidays. The suspension of foreclosures and evictions during this time period is designed to allow time for loan servicers to put in a place an efficient loan modification program to assist struggling homeowners.

According to Fannie Chief Executive Officer Herb Allison,

we felt it was in the best interest of both borrowers and Fannie Mae to take this extra step to ensure that homeowners with the desire and ability to prevent foreclosure have an opportunity to stay in their homes.

Continue reading Foreclosures and Evictions Stop by Fannie and Freddie