Banks announce weeks-long moratoria on foreclosures as the government works out a rescue plan for homeowners.

It's important to note that about 45% of these sales were foreclosure resales or short sales (banks selling foreclosed properties). Although these are real transactions, this means activity (ex-foreclosures) is under 3 million units SAAR.

Virginia and Maryland have more foreclosures, but a new report shows that D.C. had the biggest increase last month.

D.C. foreclosure filings surged to 398 in April — up 42 percent from a year ago.

Virginia defaults increased 5 percent to 6,254 and Maryland foreclosures dropped 39 percent to 3,613 according to the latest survey by Irvine, Calif.-based RealtyTrac, a foreclosure research firm.

Freddie Mac (NYSE: FRE) today announced it is immediately suspending all foreclosure sales involving occupied single family and 2-4 unit properties with Freddie Mac-owned mortgages through March 6, 2009. The suspension does not apply to vacant properties.

Wells Fargo was the top lender in 2008 by nearly 45 billion dollars over the 2nd place lender, J.P. Morgan Chase & Co.

What jumped out at me is that originations were down 36 percent in 2008 compared to 2007’s lending.

The Obama administration is considering a program that would let Fannie Mae and Freddie Mac lower payments for struggling borrowers.

A Federal Housing Finance Agency (FHFA) report released today shows that loan modifications done by Fannie Mae and Freddie Mac have increased 57 percent compared to the fourth quarter of 2008. Nearly 37,000 loan modifications have been completed in Q1 of 2009.

The Center for Responsible Lending estimates that there have now been 1,000,000 foreclosures filed so far in 2009. It also noted that the Mortgage Bankers Association’s most recent data shows some 12% of all mortgages are delinquent. It gets worse. The group expects this 2009 foreclosure number to more than double.

The two biggest mortgage lenders in the US have announced new measures to help property owners who are in default.

Freddie Mac and Fannie Mae, both of which were nationalized last September, are now more or less obliged to help struggling homeowners.