3.3M total foreclosure preventions completed since 2008: FHFA
WASHINGTON (12/23/14)--Approximately 72,700 foreclosure prevention actions were taken by Fannie Mae and Freddie Mac in the third quarter, according to the Federal Housing Finance Agency's quarterly report.
That number brings the total foreclosure preventions since September 2008 to more than 3.3 million, which helped nearly 2.8 million borrowers stay in their homes, and includes 1.7 million permanent loan modifications.
The quarterly Foreclosure Prevention Report includes data on Fannie and Freddie home retention actions, delinquencies and real estate-owned inventory.
- The number of 60-plus day delinquent loans declined 3% to the lowest level since the start of conservatorships;
- The serious delinquency rate fell to 2%;
- Approximately 34% of all permanent loan modifications helped to reduce homeowners' monthly payments by more than 30% in the third quarter;
- About 22% 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% to nearly 39,100 while foreclosure starts dropped 13% to approximately 74,600 in the third quarter; and
- The real estate-owned inventory of Fannie Mae and Freddie Mac declined 9% during the quarter to nearly 120,100 as dispositions continued to outpace acquisitions.