Fannie and Freddie hold off on foreclosures. Mortgage finance companies Fannie Mae and Freddie Mac have delivered an early holiday present to some struggling homeowners. They’re suspending foreclosures for about 16,000 households during the holidays, reports The Associated Press. The two companies said Thursday that they will halt foreclosure sales between Nov. 26 and Jan. 9, while they evaluate whether the borrowers qualify for a new loan program announced last week that could possibly reduce their payments. Fannie Mae said about 10,000 households would be affected, while Freddie Mac said the changes would affect about 6,000 borrowers who are facing foreclosure. The change only applies to owner-occupied homes. 

Unemployment reaches a 16-year high. As the number of people without a job reaches a 16-year high, the U.S. Senate passed a bill to extend unemployment benefits an additional 6 weeks. President George Bush’s spokesperson indicated Thursday that the president will sign the extended unemployment benefits bill. “Because of the tight job market the president believes it would be appropriate to further extend unemployment benefits, and he would sign legislation that is now in front of Congress,” White House spokeswoman Dana Perino said Thursday. The news comes just as the number of Americans who applied for unemployment benefits for the first time hit a 16-year high last week, pushing the number of jobless citizens receiving this type of government help to its highest level in 26 years. The Labor Department reported Thursday that initial jobless claims for the week ended Nov. 15 went up by 27,000. That pushed the number of unemployment claims to 542,000, up from 515,000 the previous week.