Friday Five: Fannie, Freddie Suspend Foreclosures; Senate Extends NFIP

Fannie Mae and Freddie Mac will halt holiday foreclosures. Plus, stay up to date with the latest housing policy news, including an extension of the National Flood Insurance Program.

Palm Coast, FL – December 10, 2011 – It’s a Christmas miracle: Fannie Mae and Freddie Mac will halt holiday foreclosures. Plus, stay up to date with the latest housing policy news, including an extension of the National Flood Insurance Program.
 

It looks like Christmas will come early for some home owners this year as Fannie Mae and Freddie Mac will suspend foreclosures during the holiday season. Also, the Senate voted to extend the National Flood Insurance Program until May, making the holiday season even brighter for some. And to see what issues will be swaying home owners’ votes this election year, check out the results of our recent HouseLogic poll.

New Orleans Times-Picayune: U.S. Senate Passes Extension of Flood Insurance Program Through May

With the National Flood Insurance Program set to expire Dec. 16, the Senate voted for legislation Wednesday that would extend it through May 31. Sen. David Vitter (R-La.), who sponsored the measure, said he’s hopeful the House will approve the measure soon and that Congress will pass a bill next year extending the program for a full five years, giving it more stability.

 
Huffington Post: Christmas Present From Fannie Mae And Freddie Mac: No Foreclosures For Now

Fannie Mae, Freddie Mac, and other mortgage providers have a Christmas present for struggling home owners: They won’t get thrown out of their houses – at least during the holiday season. But struggling home owners may not have much to look forward to in the new year; it appears the number of foreclosures is only likely to rise.

HouseLogic: Poll: Voters Driven by Jobs, Housing in 2012 Election
 A recent HouseLogic survey finds that jobs and the housing market will be the two most important issues for voters in the 2012 election. More than 54% of respondents said lowering the unemployment rate will be the top issue on their mind when they head to the polls on Nov. 6, while 27% of respondents thought housing was more important.

Wall Street Journal: Stronger Lure for Prospective Home Buyers
Home prices and mortgage rates have fallen so far that the monthly cost of owning a home is more affordable than at any point in the past 15 years and is less expensive than renting in a growing number of cities.

HouseLogic: Bill Aims to Protect Taxpayers from Mortgage Industry Bailouts
 A bill proposed in the Senate yesterday would give consumers access to safe and affordable mortgages even during times of economic distress.

Source: HouseLogic [Dec. 9, 2011]