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FHFA reports: Fannie and Freddie loan mods continue to grow
Nov 24, 2009

Fannie Mae and Freddie Mac completed nearly 32,000 home retention actions in August 2009, a 32 percent increase from July. Separately, trial mortgage loan modifications under the Obama Administration’s Home Affordable Modification Program (HAMP) increased nearly 30 percent from September to October 2009. The data were released by Edward J. DeMarco, Acting Director of the Federal Housing Finance Agency (FHFA), as part of the agency’s monthly Foreclosure Prevention Report. The report summarizes mortgage delinquency and foreclosure prevention data for Fannie Mae and Freddie Mac through Aug. 31, 2009 and HAMP trial modifications through Oct. 31. The following is a summary of the foreclosure prevention data as of Aug. 31, 2009: Foreclosure prevention actions ► Completed loan modifications more than doubled to approximately 17,200 in August from 7,100 in July as servicers continued to offer traditional loan modifications to borrowers who do not qualify for HAMP. ► Completed home retention actions increased 32 percent in August primarily driven by increases in completed loan modifications. Mortgage performance ► Approximately 93,400 more loans became 60 days or more delinquent in August. ► Loans 60-plus-days delinquent increased approximately 61 percent year-to-date to 1.5 million. ► Borrowers enlisting in the HAMP are classified as “delinquent” until they successfully complete the trial period. ► Loans that were 30-59 days delinquent increased by 13 percent to 745,700 in August, from 659,800 in July. Foreclosures ► Foreclosure starts in August increased 11 percent compared with July to nearly 94,700. ► Completed foreclosure and third-party sales declined 13 percent to 21,800 in August, from 25,000 in July. The following is a summary of HAMP trial modification data through October 2009: HAMP trial modifications ► HAMP trial loan modifications in progress increased to 366,000 in October from 286,000 in September. ► As HAMP applicants complete the trial modification period and provide all required documentation we expect to begin seeing trial modifications become permanent modifications. Click here for the full FHFA Foreclosure Prevention Report for August 2009. For more information, visit
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