Safeguard Properties - FHLMC Extends Moratorium on Foreclosure Sales

FHLMC Extends Moratorium on Foreclosure Sales

Monday, 16 February 2009

On February 13th, Freddie Mac issued the following News Release:

FREDDIE MAC EXTENDS MORATORIUM ON FORECLOSURE SALES

McLean, VA – Freddie Mac (NYSE: FRE) today announced it is immediately suspending all foreclosure sales involving occupied single family and 2-4 unit properties with Freddie Mac-owned mortgages through March 6, 2009. The suspension does not apply to vacant properties.

The extension will provide servicers with more time to help troubled borrowers find an alternative to foreclosure.

Freddie Mac gives lenders servicing its mortgages broad authority to provide forbearance to borrowers facing financial difficulties, and permanent rate reductions, mortgage term extensions, forbearance of principal or other modifications to borrowers who are already delinquent. (For more about Freddie Mac workout options, see freddiemac.com.)

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.

To view the online News Release, please click here.

About Safeguard
Safeguard Properties is the largest privately held field services company in the country. Located in Cleveland, Ohio and founded in 1990 by Robert Klein, Safeguard has grown from a regional preservation company with a few employees and a handful of contractors performing services in the Midwest, to a national company with over 500 employees. Safeguard is supported by a nationwide network of subcontractors able to perform any requested superintendence, preservation, and maintenance functions, as well as numerous ancillary services in the U.S., the Virgin Islands, and Puerto Rico.