Fannie Mae, Freddie Mac Delay Foreclosure Sales
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Mortgage lenders Fannie Mae and Freddie Mac will hold off on foreclosure sales for the holidays.
The companies are suspending sales of occupied homes from November 26 to January 9.
During that time, the companies will evaluate whether borrowers qualify for a new loan modification program.
That program is for home owners who have mortgages with either company and are three months behind on their payments.
The federal government took over the companies back in September. The two firms hold a total of $5 trillion in mortgages.
The announcement came as the Labor Department said Thursday that claims for unemployment have reached their highest level in 16 years.
The White House said President George Bush will sign off on a bill approved by Congress Thursday to extend unemployment benefits.
The measure provides 13 extra weeks of payments to those in states with unemployment rates above 6 percent.
Others will receive seven extra weeks, including New York which has an unemployment rate that just misses the cut at 5.7 percent.
Benefits payments average about $300 a week.
Labor officials say more than 10 million in the country are looking for work.