As reported on the CNN Money site - Mortgage giants, Freddie Mac (FMCC, Fortune 500) and Fannie Mae (FNMA, Fortune 500), announced today that they will suspend all bank repossessions beginning December 17 and December 19, respectively, and will not resume the evictions until January 2, 2013. "The holidays are a chance to be with loved ones and we want to relieve some stress at this time of year," said Terry Edwards, Executive Vice President of Credit Portfolio Management, Fannie Mae.
So, in addition to a New Year’s Day hang over you can pack up and get out. Somehow this seems less genuine that I’m sure that the Freddie and Fannie folks meant it to sound. I guess there was not good day on which to start evicting people again. Soon they’ll be able to throw them out and over the cliff, too. And you thought it was the Grinch that stole Christmas. Move over Grinch, Aunt Fannie and Uncle Freddie are here with a Christmas tease.
It’s too bad that the “Let Them Fail” crowd has only been successful with letting individual homeowners fail and not the big banks and shadow-banking institutions that helped cause this mess. Now, in my area, the debate is whether to let the City of Detroit fail and go into bankruptcy. To add to the drama, the City Council is fighting a rear guard action to prevent the state from rescuing the City; so, I guess they’ve joined the “Let Them Fail” crowd, too.
It’s Day 22 until the Boehner Recession. It’s too bad that Rodney Dangerfield isn’t with us anymore. He could have reprised one of his movie roles and done his famous triple-Lindy dive off the Fiscal Cliff before hitting the bottom of the empty pool below.