FHFA: GSE Foreclosure Preventions at 4.2 Million

The Federal Housing Finance Agency reported Fannie Mae and Freddie Mac completed 63,193 foreclosure prevention actions in the third quarter, bringing the total number of foreclosure prevention actions to 2.423 million since September 2008.

The agency’s third quarter 2018 Foreclosure Prevention Report said of these actions, 3.552 million helped troubled homeowners stay in their homes, including 2.288 permanent loan modifications.

FHFA reported 2,159 completed short sales and deeds-in-lieu during the third quarter, bringing the total to 690,070 since the conservatorships begain in 2008.

The percentage of 60-plus days delinquent loans dropped from 1.2 percent at the end of the second quarter to 1.1 percent at the end of the third quarter. The seriously delinquent (90-plus days) rate fell to 0.79 percent at the end of the third quarter, compared to 3.7 percent for FHA loans, 2 percent for VA loans and 2.1 percent for all loans.

Foreclosure starts declined by 17 percent to 32,557, while third-party and foreclosure sales decreased by 7 percent to 12, 464 in the third quarter.

The report also showed nearly 25 percent of loan modifications in the third quarter reduced borrowers’ monthly payments by more than 20 percent. Additionally, the Enterprises’ serious delinquency rate dropped to 0.79 percent at the end of the third quarter.

The report can be accessed at https://www.fhfa.gov/AboutUs/Reports/ReportDocuments/FPR_3Q2018.pdf.