Federal mortgage giants Freddie Mac and Fannie Mae announced Thursday they will suspend about 16,000 scheduled foreclosures nationwide during the holiday season.
Details weren't available about the number of affected borrowers in the Sacramento region and California. The temporary suspension applies to borrowers who are 90 days or more behind on payments.
The mortgage firms said they will suspend foreclosures from Nov. 26 through Jan. 9. Executives said the move would give certainty to affected borrowers during the holidays and provide more time to gear up new loan modification programs.
Freddie Mac and Fannie Mae said affected households will be contacted about the temporary suspensions. The temporary ban applies only to homes that are occupied.
The two firms, which were seized by the federal government in September, hold about 20 percent of the nation's delinquent loans.
– Jim Wassermann@sacbee.com.
