Washington, D.C. – Federal Housing Finance Agency (FHFA) Director James B. Lockhart today submitted to Congress the first report as a Federal Property Manager (FPM) detailing actions FHFA is taking to prevent unnecessary foreclosures. Section 110 of the Emergency Economic Stabilization Act of 2008 (EESA) directs Federal Property Managers to develop and implement plans to maximize assistance for homeowners and encourage servicers of underlying mortgages to take advantage of programs to minimize foreclosures.
FHFA is a designated FPM in its role as conservator for Fannie Mae and Freddie Mac. Each FPM is also required to report to Congress about the number and types of loan modifications and the number of foreclosures during the reporting period. In a letter to Congress, Director Lockhart detailed the streamlined loan modification program (SMP) announced last month. Also submitted were FHFA’s monthly Foreclosure Prevention Report, quarterly Mortgage Metrics Report, and the Agency’s Plan to Maximize Assistance for Homeowners and Minimize Foreclosures.
"The streamlined modification program is meant to reach as many seriously delinquent borrowers as possible to give them a chance to save their homes and begin restoring their credit," Lockhart wrote in the letter to Congress. The letter describes the unified effort of Fannie Mae, Freddie Mac, private lenders and servicers, FHFA, the Treasury Department and Federal Housing Administration (FHA). It is "a bold attempt to move quickly in defining a nationwide program beyond just Fannie Mae and Freddie Mac that can quickly and easily reach many of these troubled borrowers, thereby stabilizing those families and the communities and neighborhoods in which they live," said Lockhart.
The letter and report cover the first 60 days since enactment of EESA. Going forward, the report will be submitted monthly.
Letter to Congress (12/2/08)
Plan to Maximize Assistance for Homeowners and Minimize Foreclosures (12/2/08)
FHFA Second Quarter Mortgage Metrics Report Release (10/22/08)
Statement of FHFA Director James B. Lockhart at News Conference Announcing Streamlined Modification Program (SMP) (11/11/08)
FHFA Monthly "Foreclosure Prevention Report" Release (11/25/08)
Corinne Russell (202) 649-3032 / Stefanie Johnson (202) 649-3030