Residential Briefs

MBA (10/13/2008 ) Palaparty, Vijay
Freddie Mac Suspends Foreclosures Hurricane in Ike Areas
Freddie Mac, McLean, Va., ordered servicers to suspend all foreclosure sales on properties with Freddie Mac-owned mortgages in federally declared disaster areas caused by Hurricane Ike in Texas and Louisiana. The suspension will extend from October 8 to December 31 and include mortgages that were in default prior to Hurricane Ike.
Servicers will be required, after the suspension ends, to consider individual circumstances in determining whether to extend additional foreclosure relief or to proceed with foreclosure. The announcement only applies to properties with Freddie Mac-owned mortgages in Texas or Louisiana counties, municipalities or parishes that were declared federal disaster areas and where federal aid in the form of individual assistance is available.

HUD Hosts Regional Housing Summits
HUD will host three regional housing summits across the country to help launch HUD's new Neighborhood Stabilization Program. It will invite state, city and county leaders to address the country's urgent and long-term housing issues including how to deal with abandoned foreclosed properties within their communities. The summits will take place on October 10 in Los Angeles; October 14 in Columbus, Ohio; and October 16 in Orlando.