GSEs Complete More Than 130,000 Foreclosure Preventative Actions in Q1 – NMP Skip to main content

GSEs Complete More Than 130,000 Foreclosure Preventative Actions in Q1

Jul 01, 2013

Fannie Mae and Freddie Mac completed more than 130,000 foreclosure prevention actions during the first quarter of 2013, bringing the total foreclosure prevention actions to nearly 2.8 million since the start of conservatorship in 2008. These actions have helped more than 2.3 million borrowers stay in their homes, including nearly 1.4 million who received permanent loan modifications. The results are detailed in the Federal Housing Finance Agency’s first quarter 2013 Foreclosure Prevention Report, also known as the Federal Property Manager’s Report. The quarterly 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: ►Serious delinquency rates dropped from 3.3 to three percent at the end of the quarter. ►The number of Fannie Mae and Freddie Mac borrowers who are more than 60 days delinquent declined 11 percent in the first quarter to the lowest level since the first quarter of 2009. ►Half of troubled borrowers who received permanent loan modifications in the first quarter had their monthly payments reduced by more than 30 percent. ►More than one-third of loan modifications completed in the first quarter included principal forbearance. ►Over 30,000 short sales and deeds-in-lieu were completed in the first quarter, bringing the total to more than 476,000 since the start of conservatorship. ►Third-party sales and foreclosure sales continued a downward trend in the first quarter while foreclosure starts increased. ►A new streamlined modification initiative, announced during the first quarter, will take effect on July 1. Although numbers are not available yet, the program is expected to help eligible homeowners who have missed at least three monthly payments modify their mortgage by eliminating administrative barriers associated with document collection and evaluation.
About the author
Published
Jul 01, 2013
Insuring The Risk To Lenders At Closing

Traditional protections like title insurance and closing protection letters may leave lenders exposed to significant settlement, funding, and fraud-related losses

CHLA Uses Trump Mortgage Order To Renew Push For LO Comp Reform

Community lenders want more flexibility over employee compensation, closing-cost estimates, down payment assistance, and federal supervision of smaller IMBs

Servicers Begin Testing Systems Ahead of VA Partial Claim Deadline

VA lenders and servicers have until Nov. 28 to implement the new loss mitigation waterfall and Partial Claim Program

ROAD Act’s Housing Incentive May Be Too Small To Move Supply

Realtor.com finds the median city risks losing only about $84,000, although the policy could carry more weight in supply-starved Northeast and Midwest markets

CRA Proposal Could Reshape Bank Lending And Affordable Housing Investment

The OCC and FDIC would put more weight on lending while easing community development requirements for hundreds of banks

Fannie Mae AI Governance Deadline Arrives Aug. 6

Seller/servicers using artificial intelligence in origination or servicing must have formal policies, oversight, and vendor controls in place