Fannie, Freddie Urged To Freeze Foreclosures By Four Democratic Senators

The New York Sun reports:

Four Democratic senators urged the mortgage companies Fannie Mae and Freddie Mac on yesterday to temporarily freeze foreclosures on loans they hold.


The troubled companies, seized by the government Sunday, should help struggling borrowers swap their mortgages for more affordable loans and stay in their homes, the lawmakers wrote the new chief executives and federal regulator now running Fannie Mae and Freddie Mac.

It was the latest sign of mounting congressional pressure on the director of the Federal Housing Finance Agency, James Lockhart, to ensure that the companies use their clout in the mortgage market to help homeowners caught in the housing crisis.

Senators Schumer, Brown, of Ohio, Casey, of Pennsylvania, and Menendez, of New Jersey — wrote that the companies should "take whatever actions are necessary" so more families "do not have to suffer the economic and personal disaster of foreclosure."

Fannie and Freddie supported putting people into houses with 4% downpayments with the help of Chuck Schumer and gang.Those campaign contributions sure paid off for Senator Schumer.