GSE Foreclosure Prevention Actions at 3.7 Million through First Quarter

The Federal Housing Finance Agency yesterday reported Fannie Mae and Freddie Mac completed 49,573 foreclosure prevention actions in the first quarter, bringing the total number of foreclosure prevention actions to nearly 3.7 million since the start of the conservatorships in September 2008.

The FHFA first quarter Foreclosure Prevention Report ( said these measures helped more than three million borrowers stay in their homes, including nearly 1.9 million who received permanent loan modifications.

Other foreclosure prevention data for Fannie Mae and Freddie Mac noted in the quarterly report:

–Loans 60+ days delinquent declined by another 10 percent during the quarter, dipping to 461,696, the lowest level since first quarter 2008.

–The serious delinquency rate of Fannie Mae and Freddie Mac loans continued to decline, settling at 1.3 percent at the end of the first quarter, down significantly from a peak of 4.93 percent in first quarter 2010.

–REO inventory fell 9 percent during the quarter to 66,277, as property dispositions continued to outpace property acquisitions.

–29 percent of all permanent loan modifications in the first quarter helped to reduce homeowners’ monthly payments by more than 30 percent.

–The share of modifications with principal forbearance remained at 19 percent. Modifications with extend-term only accounted for 48 percent of all loan modifications in the first quarter due to improved house prices and a declining Home Affordable Mortgage Program-eligible population.

–As of March 31, 20 percent of loans modified in first quarter 2015 had missed two or more payments, one year after modification.

–FHFA reported 7,327 completed short sales and deeds-in-lieu during the quarter, bringing the total to 647,609 since the conservatorships began.