Published:
12/23/2013
Attachments:
Foreclosure Prevention Report – 3Q 2013
Third Quarter 2013 Highlights
The Enterprises’ Foreclosure Prevention Actions:
Nearly 100,900 foreclosure prevention actions were completed during the quarter, bringing the total to more than 3 million since the start of conservatorship in September 2008. Approximately 2.5 million of these actions have helped troubled homeowners save their homes including nearly 1.5 million permanent loan modifications.
- More than half of all permanent loan modifications in the third quarter helped to reduce homeowners’ monthly payments by over 30 percent.
- Approximately 31 percent of borrowers who received permanent loan modifications in the third quarter had portions of their mortgage balance forborne.
- As of September 30, 2013, about 12 percent of loans modified in the third quarter of 2012 had missed two or more payments, one year after modification.
- There were approximately 26,000 completed short sales and deeds-in-lieu during quarter, bringing the total to more than 531,700 since the start of conservatorship.
The Enterprises’ Mortgage Performance:
- The number of the Enterprises’ serious delinquent borrowers decreased 8 percent during the third quarter.
- The Enterprises’ serious delinquency rate fell to 2.6 percent at the end of the quarter compared with 7.2 percent for Federal Housing Administration (FHA) loans, 3.8 percent for Veterans Affairs (VA) loans and 5.7 percent for all loans (Industry average).
The Enterprises’ Foreclosures:
- Completed third-party sales and foreclosure sales increased 2 percent while foreclosure starts fell 7 percent in the third quarter.
- REO inventory increased 5 percent during the quarter as property acquisitions outpaced dispositions for the first time since fourth quarter of 2010.