Fannie Mae and Freddie Mac completed more than 129,000 foreclosure prevention actions in the second quarter, according to new data released by the Federal Housing Finance Agency (FHFA).
The FHFA adds that Fannie Mae and Freddie Mac completed 2.4 million foreclosure prevention actions since the government-sponsored enterprises (GSEs) were placed in conservatorship in 2008, with 1.2 million of those actions being permanent loan modifications. The year-to-date total for GSE-coordinated foreclosure prevention actions is 275,100.
The FHFA also reports that nearly half of troubled borrowers who received loan modifications in the second quarter had their monthly payments reduced by more than 30%, while approximately 29% of loan modifications completed in the second quarter included principal forbearance.
