InfoBytes, December 31, 2010 - Weekly In-depth review of news & developments in the financial services industry


Topics In This Issue

• Federal Issues

• State Issues

• Firm News

• Mortgages

Excerpt from "Federal Issues"

Freddie Mac Extends Service Member Foreclosure Protection. On December 17, Freddie Mac announced that it would extend the expiration date of the extended stay of foreclosure protections for service members. This stay was originally provided under the amendments of the Housing and Economic Recovery Act (HERA) to the Servicemembers Civil Relief Act (SCRA). HERA amended the SCRA to temporarily extend the stay of foreclosure and legal proceedings from 90 days to nine months after the service member’s release from active duty. The December 17 revision extends the nine-month period to December 31, 2011 and is effective immediately. Freddie Mac emphasizes that mortgage servicers must not initiate or resume foreclosure for at least nine months after a service member is released from active duty when the service member is released from active duty on or before December 31, 2011.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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