Washington, D.C. – The total number of Fannie Mae and Freddie Mac completed foreclosure prevention actions in 2010 more than doubled from one year earlier, according to the FHFA’s Fourth Quarter 2010 Foreclosure Prevention & Refinance Report. Although loan modifications declined for the second consecutive quarter, refinancings through the Home Affordable Refinance Program (HARP) increased 30 percent in the fourth quarter.
Additional findings of the Report include the following:
Total foreclosure prevention actions more than doubled in 2010, from 431,098 in 2009 to 946,305.
The Enterprises’ completed loan modifications decreased 18 percent to nearly 119,800 during the fourth quarter.
The performance of loans modified in the first three quarters of 2010 improved relative to loans modified in earlier periods, as payment reductions increased; nearly half of completed loan modifications in the fourth quarter lowered borrowers’ monthly payments by over 30 percent.
Foreclosure starts and completed third-party foreclosure sales declined in the fourth quarter as some servicers imposed a moratorium on foreclosures to address operational issues.
Combined completed foreclosure prevention actions total more than 1.4 million since the Enterprises were placed in conservatorship in September 2008.
Fourth Quarter 2010 Foreclosure Prevention & Refinance Report
Corinne Russell (202) 649-3032 / Stefanie Johnson (202) 649-3030