Because figgy pudding just doesn’t taste the same when you have to eat it out of a can, on a street corner, while huddling around a garbage can full of burning newspapers for warmth, a moratorium on foreclosures has been announced until the end of the holidays:
Fannie Mae and Freddie Mac will not foreclose on any homeowners between December 19 and January 2, according to statements on their web sites. Private mortgage providers, such as JPMorgan Chase, Wells Fargo, and Bank of America, also said they plan to suspend their evictions during the holidays, according to CNNMoney.
They’re not pausing any of their legal proceedings – just the actual act of booting. Which we suppose will allow for at least a few homeowners to eke out a few additional plasma donations or hock a few additional possessions to keep the wolves at bay, though most are likely so far in arrears that the additional time won’t help very many people. (Currently, a record-high 4.29% of homes are with active mortgages are in foreclosure, or just over 1 in 25.) But, hey, at least when you go to Mom and Dad’s for Christmas you won’t have to show up on their front porch with a U-Haul. You can save that for the week after New Year’s.
If you click through the link, HuffPo has a slideshow of some of the more interesting foreclosure fails of the year, including Bank of America foreclosing on its own branch office, foreclosing on someone who made a payment too early, threatening to foreclose on a man over an unpaid bill for $0, etc. (Interestingly, most of the items in the slideshow are $BAC-related.)