Foreclosure Prevention Report - First Quarter 2014

Published: 06/27/2014

FIRST QUARTER 2014 HIGHLIGHTS

Approximately 88,800 foreclosure prevention actions were completed during the first quarter, bringing the total to nearly 3.2 million since the start of conservatorships in September 2008. More than 2.6 million of these actions have helped troubled homeowners stay in their homes including 1.6 million permanent loan modifications.
Forty-two percent of all permanent loan modifications in the first quarter helped to reduce homeowners' monthly payments by over 30 percent.

The number of the Enterprises' serious delinquent borrowers decreased 8 percent during the first quarter.
The Enterprises' serious delinquency rate fell to 2.2 percent at the end of the quarter compared with 6.7 percent for Federal Housing Administration (FHA) loans, 3.6 percent for Veterans Affairs (VA) loans and 5.0 percent for all loans (Industry average).

Third-party sales and foreclosure sales fell slightly to 47,300 while foreclosure starts dropped 25 percent to nearly 84,700 in the first quarter.
REO inventory declined 3 percent during the quarter to nearly 146,000 as property dispositions outpaced property acquisitions.