On November 20, Fannie Mae and Freddie Mac each announced that they will suspend all foreclosures and evictions on occupied single-family properties (and 2-4 unit properties, for Freddie Mac) related to Fannie Mae- and Freddie Mac-owned mortgages from November 26, 2008 through January 9, 2009 to permit servicers to implement the Federal Housing Finance Agency streamlined modification program scheduled to launch on December 15.  Fannie Mae Press Release.  Freddie Mac Press Release.  FHFA Streamlined Program.

On November 20, the FDIC released a loan modification program guide for servicers and financial institutions, to encourage a streamlined approach for such modifications based on the FDIC/IndyMac program.  FDIC Release.

 On November 17, Senator Durbin reintroduced his bill to permit the modification of mortgage loans on primary residences in bankruptcy. Orrick Partner Scott Stengel testified before the Senate Judiciary Committee on November 19 in a hearing entitled “Helping Families Save Their Homes: The Role of Bankruptcy Law”.  Senator Durbin’s Proposed Bill (S.3690).  Scott Stengel’s Testimony.

On November 17, Senator Specter introduced legislation that would create a federal foreclosure evaluation office and would assist and encourage foreclosure prevention.  Senator Specter’s Proposed Bill.