Posted on Thursday, April 16, 2009
Many servicers recently resumed foreclosure processes that were temporarily halted when Obama requested a voluntary foreclosure moratorium a few months backin anticipation of the Making Home Affordable program.
Some, like J.P. Morgan Chase and Citigroup, already had internal moratoria in place at the time. Chase delayed foreclosing on over 80,000 borrowers/over $22 billion of mortgages.
Since the end of the Fannie Mae and Freddie Mac moratoria two weeks ago, their foreclosure sales have increased. Some like GMAC and American Home Mortgage Servicing have determined that only about 10% of their borrowers in foreclosure may be saved by the Admininistrations new programs.