GSEs Execute Three Million-Plus Foreclosure Prevention Actions Since 2008
Fannie Mae and Freddie Mac have completed more than 3.1 million foreclosure prevention actions since the start of conservatorship in 2008. These actions have helped more than 2.5 million borrowers stay in their homes, including nearly 1.6 million who received permanent loan modifications. During 2013, Fannie Mae and Freddie Mac completed nearly 448,000 foreclosure prevention actions, 99,700 of these in the fourth quarter. The majority of these allowed troubled borrowers to save their homes.
The results are detailed in the Federal Housing Finance Agency’s fourth quarter 2013 Foreclosure Prevention Report, also known as the Federal Property Manager’s Report.
The quarterly report has information on delinquencies in each state 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:
►Serious delinquencies dropped seven percent during the quarter t0 the lowest level since the first quarter of 2009, and the seriously delinquent rate fell to 2.4 percent.
►Nearly half of all permanent loan modifications in the fourth quarter helped to reduce homeowners' monthly payments by over 30 percent.
►Approximately 31 percent of borrowers who received permanent loan modifications in the fourth quarter had portions of their mortgage balance forborne.
►There were more than 20,000 short sales and deeds-in-lieu completed in the fourth quarter, bringing the total to nearly 552,000 since the start of conservatorship.
►Completed third-party sales and foreclosure sales continued a downward trend with a 15 percent reduction in the fourth quarter and foreclosure starts were down three percent.
Read the report here.
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