GSEs Help Prevent 3.3 Million-Plus Foreclosures Through Q3 – NMP Skip to main content

GSEs Help Prevent 3.3 Million-Plus Foreclosures Through Q3
Dec 22, 2014

The Federal Housing Finance Agency (FHFA) has released a report showing that the Fannie Mae and Freddie Mac completed approximately 72,700 foreclosure prevention actions in the third quarter, bringing the total to more than 3.3 million since the start of the conservatorships in September 2008. These measures have helped nearly 2.8 million borrowers stay in their homes, including 1.7 million who received permanent loan modifications.   

Further detail can be found in FHFA’s third quarter Foreclosure Prevention Report, which also includes data on Fannie Mae and Freddie Mac home retention actions, delinquency data and real-estate owned (REO) inventory.

Other foreclosure prevention data for Fannie Mae and Freddie Mac noted in the quarterly report include: 

►The number of 60-plus day delinquent loans declined three percent to the lowest level since the start of conservatorships;
The serious delinquency rate fell to two percent at the end of the third quarter;
Approximately 34 percent of all permanent loan modifications helped to reduce homeowners' monthly payments by over 30 percent in the third quarter;
About 22 percent of borrowers who received permanent loan modifications in the third quarter had portions of their mortgage balance forborne;
Nearly 12,900 short sales and deeds-in-lieu were completed in the third quarter, bringing the total to approximately 594,200 since the start of the conservatorships; 
Third-party sales and foreclosure sales fell nine percent to nearly 39,100 while foreclosure starts dropped 13 percent to approximately 74,600 in the third quarter; and
The REO inventory of Fannie Mae and Freddie Mac declined 9 percent during the quarter to nearly 120,100 as  dispositions continued to outpace acquisitions.

Dec 22, 2014
Open Mortgage Names New President

Joe Stephenson, formerly of American Advisors Group, to lead daily operations.

Industry News
Dec 01, 2021
Homepoint Expands Refinance Program Offerings

Now offers Freddie Mac’s new refinance option, Refi Possible, making it easier for many homeowners with a Freddie Mac-owned mortgage to reduce their interest rate.

Industry News
Nov 30, 2021
Non-QM Lender Deephaven Hires Business Development VP

Dallas-based Tim Fisher charged with growing Deephaven’s correspondent business In Texas and surrounding states

Industry News
Nov 30, 2021
Biden Reappoints Powell As Federal Reserve Chairman

A signal that The Fed will continue its policies as inflation surges and economic uncertainty spikes due to an emerging variant of the coronavirus. 

Industry News
Nov 29, 2021
Servion Taps Sagent For Consumer-First Servicing Tech Stack

A 7-year deal between Servion Mortgage and Sagent will equip Servion with Sagent's tech stack for performing, non-performing, and consumer experience.

Nov 29, 2021
Guaranteed Rate's Banosian Funds $2B In Total Loan Volume

The mortgage industry shouldn't be surprised by Guaranteed Rate's top loan officer, Shant Banosian, funding $2 billion in total loan volume during a record-breaking year. After all, “The Billion Dollar Man” is one of the top 5 loan originators in the U.S.

Nov 29, 2021