Freddie Mac and Fannie Mae told its network of servicers and attorneys to hold off on foreclosure sales of occupied single family and 2-4 unit properties from November 26 to January 6, 2009, as their streamlined modification plan is implemented. “By working closely with FHFA [the Federal Housing Finance Agency] and our servicers, Freddie Mac is on track to help three out of every five troubled borrowers with Freddie Mac- owned loans to avoid foreclosure this year,” according to Freddie Mac CEO David M. Moffett.

Freddie expects to OK 84,000 workouts for 140,000 delinquent borrowers in 2008. Fannie is reaching out to more than 10,000 borrowers.

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