1 minute readThe 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 [email protected]. Disclosure: The author held no relevant investment positions when this story was published. Indirect holdings may exist via mutual fund investments.
Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S. financial crisis. She has since moved onto other roles as a writer and editor.see full bio
Most Popular Articles
Latest Articles
HousingWire Mortgage Rankings have arrived, bringing data-driven benchmark to originator performance
HousingWire on Tuesday announced the launch of the HousingWire Mortgage Rankings, a new performance intelligence product designed to provide a clear, data-driven view of mortgage origination activity across the U.S. The rankings benchmark mortgage originators based on observed production, offering a standardized view of performance across geographies, loan types and channels. Historically, the mortgage industry has lacked […]
Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S. financial crisis. She has since moved onto other roles as a writer and editor.see full bio
