Freddie, Fannie, JPMorgan, Citi, and Morgan Stanley

[The Professor]

Well, looks like Fannie and Freddie have decided to halt foreclosures until March 6th. Meanwhile, Citigroup, JPMorgan Chase and Morgan Stanley said they had placed a moratorium on foreclosing on some home loans to give the government time to launch a $50 billion mortgage relief program.

Interesting times we are living in.

Daniel

[Schnelle]

Professor Shay,

I started a thread addressed to you. Below is the link:

Running Out of Options

[tryingtostay]

Originally Posted by Professor Shays

Well, looks like Fannie and Freddie have decided to halt foreclosures until March 6th. Meanwhile, Citigroup, JPMorgan Chase and Morgan Stanley said they had placed a moratorium on foreclosing on some home loans to give the government time to launch a $50 billion mortgage relief program.

Interesting times we are living in.

Daniel

Did they say how exactly they stopped foreclosures? Do they stop filings NODs or stop filing court dates or do they stop the rest of the process out of this? Sounds like one more month of rent free living...

Would you assume that short sales with these companies will also not be selling? I mean, if I were one of those companies, I'd be hoping the homeowners would use the new homeowner loan mod gov plans from Obama (coming 2/16, if I read that correctly) and pull the house off the market because the loan was now modified to something they could afford...

[The Professor]

The article didn't really provide much more information than I've indicated in my short posting.

Daniel

[susan spencer]

Professor Shays,
Seems that March moratorium date and 90 day default dates closely coincide. Hard to immediately resolve without these details although critical to not go further out. Ready to join some branch of anonymous club at this point.

[The Professor]

Susan:

I've belonged to the original anonymous club for 23 consecutive years. Helps a lot as you begin to recognize you can handle just about anything "one day at a time."


Daniel

[susan spencer]

I'm hoping for the announcement "don't touch your tv controls" what you are watching is from the Twilight Zone. Mortgage Servicing News on 2/13 stated Reich leaving OTS end of month. Regardless, good to see that OTS as well as OCC asking lenders for accountability on mods (inc. what savings, if any, borrower received from mod) in effort to investigate re-defaults and what kind of mods work. (real ones!) After 6 months of promises on relief and the large banks still in control, not sure if these releases can handle the breadth and depth of the crisis. Perhaps the pressure they assert helps borrowers better deal individually with lenders.