The government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, completed more than 2.1 million foreclosure prevention actions since the start of conservatorship including 1.1 million permanent loan modifications. These actions, designed to help borrowers stay in their homes, are detailed in the Federal Housing Finance Agency’s Q4 2011 Foreclosure Prevention and Refinance Report. The report also shows that after nine months, fewer than 20 percent of the GSE loans modified in the four quarters ended March 31, 2011, had missed two or more payments, an improvement over prior years.
With this report, FHFA releases new state data sets and launches an interactive Fannie Mae and Freddie Mac State Borrower Assistance Map, showing the number of loans owned or guaranteed by Fannie Mae and Freddie Mac, delinquencies, foreclosure prevention activities, Real Estate-Owned (REO) properties, and refinances in each state. In addition, the report now includes a graphic showing Delinquent Loans by State and Profiles of Key States, with detailed information about states with the biggest five-year decline in house prices and the highest number and rate of seriously delinquent loans.
Other findings in the Q4 2011 Foreclosure Prevention and Refinance Report:
►The GSE's cumulative Home Affordable Refinance Program (HARP) refinancings increased 10 percent in the fourth quarter of 2011.
►Half of all borrowers who received loan modifications in Q4 of 2011 had their monthly payments reduced by over 30 percent, and one-third included principal forbearance.
►Serious delinquency rates for Fannie Mae and Freddie Mac loans remain below industry levels and continue to decline.
►Florida had the highest number of serious delinquencies at the end of the fourth quarter.
►California had the largest number of completed foreclosure prevention actions since the beginning of conservatorship in 2008.
