written/published by: The Associated Press
WASHINGTON – Jan. 9, 2008 – Mortgage giants Fannie Mae and Freddie Mac will extend the suspension of foreclosure sales and evictions from single-family homes through the end of January.

The companies had suspended foreclosures through the holidays, but were expected to resume proceedings after Jan. 9.

The government-controlled home loan giants said Thursday the extension will allow borrowers facing foreclosure to stay in their homes as the companies work with mortgage servicers to find options for troubled mortgage holders under the Streamlined Modification Program.

The program aims to create a more affordable mortgage payment for borrowers at risk of foreclosure. It applies to borrowers who have missed three payments or more.

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