Fannie and Freddie Prevent Nearly 3.7 Million Foreclosures

 


The Federal Housing Finance Agency (FHFA) recently reported that Fannie Mae and Freddie Mac completed 49,573 foreclosure prevention actions in the first quarter of 2016, bringing the total number of foreclosure prevention actions to nearly 3.7 million since the start of the conservatorships in September 2008. These measures have helped more than 3.0 million borrowers stay in their homes, including nearly 1.9 million who received permanent loan modifications.

Further details can be found in FHFA's first 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. FHFA publishes the report data in an online, interactive Borrower Assistance Map accessible through FHFA.gov

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

  • The number of loans 60+ days delinquent declined another 10 percent during the quarter, dipping to 461,696, the lowest level since the first quarter of 2008.
  • The serious delinquency rate of Fa​nnie Mae and Freddie Mac loans continued to decline, settling at 1.3 percent at the end of the first quarter, down significantly from a peak of 4.93 percent in the first quarter of 2010.
  • REO inventory fell 9 percent during the quarter to 66,277, as property dispositions continued to outpace property acquisitions.

For more information, visit www.fhfa.gov.  ​

Reprinted with permission from RISMedia. ©2016. All rights reserved.

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