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GSEs Prevent Nearly 4.5 Million Foreclosures Since 2008

NationalMortgageProfessional.com
Mar 25, 2020
The Federal Housing Finance Agency (FHFA) today released its fourth quarter 2019 Foreclosure Prevention and Refinance Report

The Federal Housing Finance Agency (FHFA) today released its fourth quarter 2019 Foreclosure Prevention and Refinance Report, which shows that Fannie Mae and Freddie Mac (the GSEs) completed 25,930 foreclosure prevention actions in the fourth quarter of 2019, bringing to 4.407 million the number of troubled homeowners who have been helped since the start of conservatorships in September of 2008.
 
Of the near 26,000 foreclosure prevention actions and 4.407 million total in Q4, 3,709,440 helped troubled homeowners stay in their homes, including 2,390,082 permanent loan modifications. Twenty-six percent of modifications in the fourth quarter were modifications with principal forbearance. Modifications with extend-term only accounted for 65 percent of all loan modifications during the quarter.
 
The Report found that there were 1,272 completed short sales and deeds-in-lieu during Q4, bringing the total to 697,526 since the conservatorships began in September 2008.
 
The GSEs’ serious delinquency rate remained unchanged from the third quarter at 0.65 percent at the end of the fourth quarter. This compares with 3.47 percent for Federal Housing Administration (FHA) loans, 1.92 percent for Veterans Affairs (VA) loans and 1.76 percent for all loans (industry average). The report also showed a jump in refinances from the third quarter of 540,578 to 728,842 in the fourth quarter.

 
Published
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