GSEs Complete 134,000 Foreclosure Prevention Actions in Q3

Fannie Mae and Freddie Mac completed more than 134,000 foreclosure prevention actions in the third quarter of 2012, bringing the total foreclosure prevention actions to more than 2.5 million since the start of conservatorship in 2008 with nearly 1.3 million of those actions being permanent loan modifications. These actions, which have helped more than 2.1 million borrowers stay in their homes, are detailed in the Federal Housing Finance Agency’s third quarter 2012 Foreclosure Prevention Report, also known as the Federal Property Manager’s Report. The quarterly 2012 Foreclosure Prevention Report has 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: ►Year-to-date, Fannie Mae and Freddie Mac have completed nearly 411,000 foreclosure prevention actions. ►Nearly 38,000 short sales and deeds-in-lieu were completed in the third quarter, up four percent compared with the second quarter. ►Forty-five percent of troubled borrowers who received loan modifications in the third quarter had their monthly payments reduced by more than 30 percent. ►More than one-third of loan modifications completed in the third quarter included principal forbearance. ►The number of the GSEs’ delinquent borrowers has declined nine percent since the beginning of 2012.