The government-sponsored enterprises (GSEs)—Fannie Mae and Freddie Mac—have completed more than 2.3 million foreclosure prevention actions since the start of conservatorship in 2008, including 1.1 million permanent loan modifications, as detailed in the Federal Housing Finance Agency’s first quarter 2012 Foreclosure Prevention Report, also known as the Federal Property Manager’s Report.
This report features an interactive Borrower Assistance Map for Fannie Mae- and Freddie Mac-owned mortgages, with information as of March 31 on delinquencies, foreclosure prevention activities, Real Estate-Owned (REO) properties and refinances in each state. This report also includes detailed information about states with the biggest five-year decline in house prices and the highest number and rate of seriously delinquent loans. FHFA recently announced it will release a separate Refinance Report to convey refinance data more quickly.
Also noted in the 2012 Foreclosure Prevention Report:
►Nine months after modification, less than 15 percent of loans modified in the second quarter of 2011 had missed two or more payments.
►Half of all borrowers who received loan modifications in the first quarter had their monthly payments reduced by over 30 percent, and one-third included principal forbearance.
►Third-party and foreclosure sales decreased slightly while foreclosure starts increased for the first time since the third quarter of 2010.
►REO inventory declined as property dispositions increased and acquisitions decreased during the first quarter.
►The top five states ranked by the percentage of the Enterprises’ single-family mortgages more than one year delinquent are: Florida, New Jersey, Georgia, New York and Maine.
