Denver Real Estate Attorney Jeff Friedman in Realty Times - Coronavirus and the Real Estate Industry
March 27, 2020
Fannie Mae, Freddie Mac, and HUD suspend foreclosures
“Fannie Mae and Freddie Mac have been directed “to suspend foreclosures and evictions for at least 60 days due to the coronavirus national emergency,” said the Federal Finance Housing Authority (FHFA).
This announcement comes on the heels of the President’s press conference, during which he proclaimed that the Department of Housing and Urban Development (HUD) would suspend evictions and foreclosures until the end of April. “The effort is geared at stabilizing the housing market and avoiding a repeat of the spike in foreclosures witnessed in the 2008 financial crisis, housing experts said,” according to CBS News.
According to Denver-based real estate attorney Jeff Friedman of national law firm Hall Estill, this action by the government could protect homeowners at a critical time and ward off a potentially disastrous economic downturn.