GSEs Completed 134K Foreclosure Preventions In Q3

Posted by Orb Staff on January 04, 2013 No Comments
Categories : Mortgage Servicing

13017_dollar_key GSEs Completed 134K Foreclosure Preventions In Q3 Fannie Mae and Freddie Mac completed more than 134,000 foreclosure prevention actions in the third quarter of 2012, bringing the total foreclosure prevention actions to more than 2.5 million since the start of conservatorship in 2008 with nearly 1.3 million of those actions being permanent loan modifications, according to new data released by the Federal Housing Finance Agency.

During the first three quarters of 2012, Fannie Mae and Freddie Mac completed nearly 411,000 foreclosure prevention actions. Nearly 38,000 short sales and deeds-in-lieu were completed in the third quarter, up 4% compared with the second quarter.

As a result of these efforts, 45% of troubled borrowers who received loan modifications in the third quarter had their monthly payments reduced by more than 30%. And the number of delinquent borrowers with loans guaranteed by Fannie Mae and Freddie Mac declined 9% since the beginning of 2012.

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