Fannie Mae and Freddie Mac Help More Than 2.5 Million with Foreclosure Prevention Actions

Fannie Mae and Freddie Mac completed more than 134,000 foreclosure prevention actions in the third quarter of 2012, bringing the total foreclosure prevention actions to more than 2.5 million since the start of conservatorship in 2008 with nearly 1.3 million of those actions being permanent loan modifications. These actions, which have helped more than 2.1 million borrowers stay in their homes, are detailed in the Federal Housing Finance Agency’s third quarter 2012 Foreclosure Prevention Report, also known as the Federal Property Manager’s Report.

The quarterly report has information on state delinquencies and an updated, interactive Borrower Assistance Map for Fannie Mae and Freddie Mac mortgages, with information on delinquencies, foreclosure prevention activities and Real Estate Owned (REO) properties.

Also noted in the report:

• Year-to-date, Fannie Mae and Freddie Mac have completed nearly 411,000 foreclosure prevention actions.
• Nearly 38,000 short sales and deeds-in-lieu were completed in the third quarter, up 4 percent compared with the second quarter.
• 45 percent of troubled borrowers who received loan modifications in the third quarter had their monthly payments reduced by more than 30 percent.
• More than one-third of loan modifications completed in the third quarter included principal forbearance.
• The number of the Enterprises’ delinquent borrowers has declined 9 percent since the beginning of 2012.

REO inventory continued to decline as property dispositions outpaced property acquisitions during the third quarter.

For more information, click here