No Foreclosures for 3 more months !

Fannie Mae and Freddie Mac will extend their suspension of mortgage foreclosures through at least the end of the year, providing more relief for homeowners who are grappling with the economic pain of the COVID-19 pandemic.

Fannie and Freddie, which backstop about $5 trillion of home loans, will also extend their moratorium on evictions from real-estate owned properties until at least Dec. 31, the Federal Housing Finance Agency said Thursday in a statement. The relief on foreclosures and evictions had been set to lapse at the end of the month.

The extensions are intended to keep consumers from being kicked out of their residences even if they can’t pay their mortgage or rent amid a surge in layoffs and lost income.

FHFA Director Mark Calabria, whose agency regulates Fannie and Freddie, said the extensions will protect more than 28 million borrowers with a loan guaranteed by the companies.