Four Democratic Senators are urging the Bush administration to stop Freddie Mac and Fannnie Mae from foreclosing on any homes for at least 90 days to allow some much needed relief for struglling borrowers, following the government take over of the two companies.

This temporary time out is being requested by Charles E Schumer of New York, Bob Casey of Penssylvania, Sherrod Brown of Ohio, and Robert Mendez of New Jersey. The idea was based off the freeze that the Federal Deposit Insurance Corporation placed on Indymac following their take over.

The move would allow more time to modify delinquent loans. Personally, this sounds like the only fair thing to do for these homeowners.

This entry was posted on Friday, September 12th, 2008 at 1:04 pm and is filed under Foreclosure. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.