Washington, DC – The Federal Housing Finance Agency (FHFA) today released a report showing that 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. 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 60+ day delinquent loans declined 3 percent to the lowest level since the start of conservatorships;
- The serious delinquency rate fell to 2 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 9 percent to nearly 39,100 while foreclosure starts dropped 13 percent to approximately 74,600 in the third quarter;
- 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.
Stefanie Johnson (202) 649-3030 / Corinne Russell (202) 649-3032