Fannie Mae, Freddie Mac to suspend foreclosures in COVID-19 response

Mortgage forms and a calculator.

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Mortgage forms and a calculator.

Mortgage lenders Fannie Mae and Freddie Mac will suspend foreclosures and evictions for at least 60 days as federal and business leaders respond to the growing COVID-19 crisis that will cost people their jobs and likely tip the economy into a recession.

In a statement Wednesday, the Federal Housing Finance Agency said the suspension by the mortgage giants applies to homeowners with a single-family mortgage, backed by either company.

“This foreclosure and eviction suspension allows homeowners with an Enterprise-backed mortgage to stay in their homes during this national emergency,” said FHFA Director Mark Calabria in a statement.

The agency announced earlier this month Fannie Mae and Freddie Mac would offer payment forbearance – the option to suspend mortgage payments – because of hardship related to the pandemic.

Earlier Wednesday, President Donald Trump announced the Department of Housing and Urban Development would suspend foreclosures and evictions through the end of April.



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