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On August 8, 2020, the President issued an Executive Order to minimize, to the greatest extent possible, residential evictions and foreclosures during the ongoing COVID-19 national emergency, and for the U.S. Department of Housing and Urban Development (HUD) to take action to promote the ability of renters and homeowners to avoid eviction or foreclosure resulting from financial hardships caused by COVID-19. In response, the U.S. Department of Housing and Urban Development issued a Mortgagee Letter informing mortgagees of an extension to the foreclosure and eviction moratorium for an additional period through December 31, 2020. The Federal Housing Finance Authority (FHFA) announced that Fannie Mae and Freddie Mac will extend the moratoriums on single-family foreclosures and real estate owned (REO) evictions until at least December 31, 2020.