Fannie Mae and Freddie Mac foreclosure prevention actions top 2.9 million
Fannie Mae and Freddie Mac have completed more than 2.9 million foreclosure prevention actions since the start of conservatorship in 2008. These actions have helped approximately 2.4 million borrowers stay in their homes, including more than 1.4 million who received permanent loan modifications according to the Federal Housing Finance Agency.
Foreclosure prevention actions addressed in the report include repayment plans, forbearance plans, charge-offs-in-lieu, and loan modifications.
These and other details are contained in the agency's Foreclosure Prevention Report for the second quarter of 2013.
According to the report:
- Fannie Mae and Freddie Mac completed more than 247,000 foreclosure prevention actions in the first half of 2013, with 117,000 of these coming in the second quarter;
- The number of delinquent loans dropped nationally, driven by a decline in seriously delinquent loans;
- Sixty-plus-day delinquent borrowers declined by 7% percent during the second quarter;
- More than 29,000 short sales and deeds-in-lieu were completed in the second quarter;
- Foreclosure starts declined by 11% in the second quarter; and
- Completed third-party sales and foreclosure sales declined by 10% in the second quarter.