GSEs Complete More Than 129,000 Foreclosure Prevention Actions in Q2
Fannie Mae and Freddie Mac have jointly completed more than 129,000 foreclosure prevention actions in the second quarter of 2012, bringing the total foreclosure prevention actions to 2.4 million since the start of conservatorship under the Federal Housing Finance Agency (FHFA) in 2008 with 1.2 million of those actions being permanent loan modifications. These actions, which have helped more than two million borrowers stay in their homes, are detailed in the FHFA's second quarter 2012 Foreclosure Prevention Report. The Q2 2012 Foreclosure Prevention Report features new 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: ►Fannie Mae and Freddie Mac completed approximately 129,000 foreclosure prevention actions in the second quarter of 2012, bringing the year-to-date total to 275,100. ►Nearly half of troubled borrowers who received loan modifications in the second quarter had their monthly payments reduced by more than 30 percent. ►Approximately 29 percent of loan modifications completed in the second quarter included principal forbearance. ►Foreclosure starts and foreclosure sales decreased in the second quarter. ►REO inventory declined for the seventh consecutive quarter as property dispositions continued to outpace property acquisitions during Q2.