Hurricane

Fannie Extends Foreclosure Lock-Down in Wake of Katrina, Rita 

Last week, Fannie Mae informed lenders that it was extending its special relief measures for areas impacted by deadly 2005 hurricanes Katrina and Rita until the end of 2007. The special measures, including a moratorium on foreclosures without Fannie’s direct approval, had been set to expire at the end of March. In a letter addressed to lenders, Fannie said lenders must “obtain written approval from Fannie Mae before beginning or continuing a foreclosure action with respect to a mortgage secured by a property in specific counties or parishes.”