Fannie Mae and Freddie Mac Join Citigroup in Suspending Foreclosures for the Holidays

Fannie Mae and Freddie Mac announced that they are suspending all evictions from single-family homes and two-to-four unit properties from December 19, 2009 to January 3, 2010—essentially providing those facing foreclosure a reprieve. “No family should have to face the prospect of being evicted during the holiday season,” said Michael J.Williams, President and Chief Executive Officer of Fannie Mae.

Citigroup meanwhile, announced that they would suspend foreclosures for 30 days, from December 18, 2009 to January 17, 2010. The Citigroup suspension includes both evictions and foreclosure notices. Nearly 2,000 Citigroup borrowers were due to have their homes sold, and another 2,000 were due to receive foreclosure notifications during this period. They will now get a reprieve through the holidays.

In a press release, Sanjiv Das, President and Chief Executive of CitiMortgage said, “We hope that with this suspension we can make the holidays a little less stressful for our customers who are going through a very difficult time.”