Wednesday, July 1, 2009

Spreading Rumors: Another 90-Day Foreclosure Moratorium

From the mouth of an REO asset manager at one of our biggest banks, the White House has requested that banks continue to delay foreclosures for another 90 days.

Timing would put this unofficial moratorium ending around the middle of September perhaps. If, of course it isn’t extended again.

I don’t know if this is true or not, because I can’t confirm it. I can say that most of the REO departments and servicers aren’t all that busy. And, they certainly should have been after the last official Fannie/Freddie moratorium ended March 1st.