As Providence RI contemplates usages for its allotment of National Stabilization Program funds, as discussed in the following report from the  Providence Journal , City Council is considering several potential ordinances. One ordinance would obligate mortgage lenders, prior to initiating foreclosure proceedings, to hold mediation sessions with borrowers at risk of losing their homes and to notify any rental tenants of its intent to foreclose on property.

In conjunction with Fannie Mae, Freddie Mac announced it has ordered its national network of mortgage servicers and foreclosure attorneys to suspend all foreclosure sales and evictions involving occupied single family and 2-4 unit properties with Freddie Mac-owned mortgages between November 26, 2008 and January 9, 2009.