Freddie Mac has suspended government foreclosures for mortgage loans qualified for any of the housing schemes offered under Obama’s program, the HOPE NOW program and other federal loan modification programs.
For each one of the millions of foreclosed homes across the nation, investors have lost a total of $151,000 excluding the costs of productivity losses, federal income tax losses and the psychological costs of loss of homes and evictions.
The 67-percent increase in February foreclosures dashed hopes perked up in January when foreclosures declined from December levels. It is believed that tax foreclosures also increased because of continued job losses across the country.
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