Servicers working on loans held by Fannie Mae and Freddie Mac completed 49,573 foreclosure prevention actions in the first quarter – up from 47,769 foreclosure prevention actions in the fourth quarter of 2015, the Federal Housing Finance Agency (FHFA) reports.
Of these foreclosure prevention actions, about 31,809 were loan modifications – up from 29,917 loan modifications in the fourth quarter.
Since the start of the conservatorships in September 2008, servicers have helped struggling borrowers with Fannie and Freddie loans with nearly 3.7 million foreclosure prevention actions, the FHFA reports.
These measures have helped more than 3.0 million borrowers stay in their homes, including nearly 1.9 million who received permanent loan modifications.
As of the end of the first quarter, about 461,696 of the loans, or about 1.66% of the loans held by the government-sponsored enterprises, were 60 days or more delinquent – down from 515,420 loans, or about 1.85%, as of the end of the fourth quarter and the lowest level since the first quarter of 2008.
Only about 375,325 loans, or 1.3% of all loans, were seriously delinquent – down from 408,429, or 1.46%, as of the end of the fourth quarter. What’s more, this is down considerably from the peak of about 4.93% in the first quarter of 2010.
There were about 60,706 foreclosure starts in the first quarter, according to the FHFA’s data – a decrease of about 6% compared with 64,852 in the fourth quarter.
As of the end of the first quarter, about 66,277 homes were bank-owned – a decrease of about 9% compared with about 72,783 as of the end of the previous quarter.
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