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Housing News

Santa Claus to deliver good news to struggling homeowners

The current robo-signing debacle has many foreclosure processes frozen in an effort to allow some of the big banks to get their business in order which has given some homeowners relief during the holidays. But what about the other homeowners going through the foreclosure process? Will they be thrown out into the streets during the holidays?

Santa Claus has come in the form of relief for struggling homeowners in that many banks in recent years (like Bank of America) have made it their policy to not evict during holidays.

Santa is also coming to the boys and girls in the form of Fannie Mae and Freddie Mac putting a hold on all foreclosure evictions on loans they back from December 20 through January 3.

It seems like good cheer but we suspect that between the robo signing scandal at the big banks and an already full capacity of staff to process foreclosures, this move is less goodwill and more a practical move, but regardless, homeowners will not be kicked to the curb while Santa is in the chimney.

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Tara Steele is the News Director at The American Genius, covering entrepreneur, real estate, technology news and everything in between. If you'd like to reach Tara with a question, comment, press release or hot news tip, simply click the link below.

23 Comments

23 Comments

  1. Agent for Movoto

    December 6, 2010 at 1:56 pm

    I’m sure there is more pragmatism than holiday cheer behind this, but either way it’s a much needed kind gesture to distressed homeowners.

  2. Jonathan Benya

    December 7, 2010 at 6:34 pm

    They’ve done this the last 2 years now. Holiday cheer? Pragmatism? Who knows, but at this point I’m surprised they waited so long before announcing it.

    I’ve always suspected it’s done so that they actually have a chance to give their employees a day off once a year.

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