Saturday, April 4, 2009

Finally, they've lifted the ban

A ban on foreclosure sales and evictions from houses owned by mortgage giants Fannie Mae and Freddie Mac, which began as a high-profile effort just before the holidays to keep people in their homes as the government tried to come up with homeowner rescue plans, is over.

Spokesmen for Fannie Mae and Freddie Mac confirmed the ban ended March 31, in a response to an inquiry from TWI. The agencies made a major announcement in November to roll out the ban, garnering headlines and extensive news coverage. Freddie Mac CEO David Moffett issued a statement at the time, saying the ban “provides a new measure of certainty” to families facing foreclosures during the holidays.

Fannie Mae said in a brief statement from spokesman Brian Faith that “Fannie Mae’s suspension of foreclosure-related evictions concludes as of March 31, 2009. The company has in place special foreclosure sale requirements that take into account the Making Home Affordable program. A foreclosure sale may not occur on any Fannie Mae loan until the loan servicer verifies that the borrower is ineligible for a Home Affordable Modification and all other foreclosure prevention alternatives have been exhausted.”

Maybe now we will start to see some new inventory hit the market.


Coconutz! said...

If mo invo hits what do you think will happen in your area and others similarily priced.
Can the mid-low to low end drop much more in So CA?
Thanks, you rock!

golfer_X said...

Most areas are still well above where they should be using the long term ratios. There are only a few areas that are near the trend line. Areas like Perris, San Jacinto etc. When bubbles pop prices usually over correct. So yes, I do think the prices will continue to fall in most areas.

jennalee ryan said...

well, i know that i recently posted re. what i felt was an increase in crime due to my own personal experiences. is it just me or did anyone else happen to notice a huge increase in violent crimes that appear to be have a common denominator in that the perpetrators have had recent job losses? time to start stockpiling...

ButterMonkey said...

WOOT WOOT! New listings please! I've been staring at the same 5 listings for 6 months now. I'm ready for some fresh meat.

Martin Burtin said...

Yeppers Jennalee, people are starting to come unglued. We have not had real hardship for decades. Unfortunately, random violence or disorganized violence will do nothing but cause more suffering. A case could be made however, that organized and precisely targeted violence might do some good. Just a theory, I might be talk'n outa my pay grade again. In the mean time, stocking basics seems like a good plan, I agree.

I'm Not POTUS said...

Let me translate the Orwellian offspeak.

We will no longer ban foreclosures outright. From now on you deadbeats are going to have to make the minimum effort of flooding our bureaucracy with paperwork we call "HAM" (Home Affordable Modification) so that we all look busy and can fake an effort. So if you want to stay in your "home" rent free your going to fill out some paperwork at least once a month for the "rent"

Thankfully most people won't even make that tiny of an effort, so look for a spike in listings.

BTW: have a look at the listing for sale by Fannie, FDIC, VA, and other govt' agencies. They don't even represent 1/10,000th of the pool.

If you feed a pig ham all day does the government get mad pig disease?

Let's hope so.