The South Carolina Supreme Court placed a temporary moratorium on thousands of foreclosure sales on properties guaranteed by Freddie Mac (FRE), Fannie Mae (FNM) or any other company that has signed on for the Obama Administration’s Making Home Affordable modification plan. The ruling marks the first statewide court-ordered foreclosure freeze and aims to allow servicers additional time to evaluate borrowers for eligibility in the program. Fannie Mae initially requested the injunction, but chief justice Jean Toal issued an order placing a moratorium on properties backed by loans owned or guaranteed by both agencies and a variety of other servicers participating in the Administration’s program, according to the Associated Press. The moratorium is set to expire May 15. Write to Diana Golobay at diana.golobay@housingwire.com. Disclosure: The author held no relevant investment positions when this story was published. Indirect holdings may exist via mutual fund investments.
South Carolina Freezes Foreclosures
Most Popular Articles
Latest Articles
Lower mortgage rates attracting more homebuyers
An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]
-
Rocket Pro TPO raises conforming loan limit to $802,650 ahead of FHFA’s decision
-
Show up, don’t show off: Laura O’Connor is redefining success in real estate
-
Between the lines: Understanding the nuances of the NAR settlement
-
Down payment amounts are exploding in these metros
-
Commission lawsuit plaintiff Sitzer launches flat fee real estate startup
