Foreclosure Prevention Report - First Quarter 2013

Published: 07/01/2013

FIRST QUARTER 2013 HIGHLIGHTS

There were nearly 130,100 completed foreclosure prevention actions in the first quarter, bringing the total to nearly 2.8 million since the start of conservatorship in September 2008. More than 2.3 million of these actions have helped troubled homeowners save their homes including nearly 1.4 million permanent loan modifications.
Half of troubled homeowners who received permanent loan modifications in the first quarter had their monthly payments reduced by more than 30 percent.
More than a third of permanent loan modifications in the first quarter included principal forbearance.
As of March 31, 2013, about 12 percent of loans modified in the second quarter of 2012 had missed two or more payments.
Completed short sales and deeds-in-lieu fell 7 percent during the quarter to nearly 30,300, bringing the total to over 476,300 since the start of conservatorship.

The number of the Enterprise 60-plus-days delinquent borrowers declined 11 percent in the first quarter to the lowest level since first quarter of 2009.
Serious delinquency rates declined to 3.0 percent at the end of the quarter compared with 8.0 percent for Federal Housing Administration (FHA) loans, 4.2 percent for Veterans Affairs (VA) loans and 6.4 percent for all loans (Industry average).

Third-party sales and foreclosure sales continued a downward trend in the first quarter while foreclosure starts increased.
REO inventory continued to decline as property dispositions outpaced property acquisitions in the first quarter.