FHFA: GSEs Processed Fewer Foreclosure Prevention Actions In Q3

Posted by Patrick Barnard on December 29, 2014 No Comments
Categories : Mortgage Servicing

16314_foreclosure_sale FHFA: GSEs Processed Fewer Foreclosure Prevention Actions In Q3 Government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac completed about 72,700 foreclosure prevention actions in the third quarter, down from about 79,820 in the second quarter, according to the Federal Housing Finance Agency (FHFA), conservator of the GSEs.

These measures have helped nearly 2.8 million borrowers stay in their homes, including 1.7 million who received permanent loan modifications, the FHFA says in its quarterly Foreclosure Prevention Report.

Altogether, more than 3.3 million foreclosure prevention actions have been completed by the GSEs since the start of conservatorship in September 2008.

The number of delinquencies (60-plus days past due) declined 3% in the third quarter to the lowest level since the start of conservatorship.

The number of serious delinquencies (90-plus days past due) fell to 2% of all mortgages at the end of the third quarter.

About 22% of borrowers who received permanent loan modifications in the third quarter had portions of their mortgage balance forborne, according to the FHFA.

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 about 39,100 for the quarter.

There were about 74,600 foreclosure starts in the third quarter, down about 13% compared to the second quarter.

The real estate owned inventory of Fannie Mae and Freddie Mac declined 9% during the quarter to about 120,100 units, the FHFA reports.

To view the full report, click here.

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