FHFA: 4.3M Homeowners Helped Since Conservatorship

The Federal Housing Finance Agency issued its second quarter Foreclosure Prevention Report, which shows that Fannie Mae and Freddie Mac completed 31,757 foreclosure prevention actions in the second quarter, bringing the total number of foreclosure prevention actions to 4.354 million since September 2008.

The report also showed 40 percent of loan modifications completed in the second quarter reduced borrowers’ monthly payments by more than 20 percent. The GSEs’ serious delinquency rate dropped to 0.67 percent at the end of the second quarter, compared to 3.43 percent for FHA loans, 1.81 percent for VA loans and 1.95 percent for all loans (industry average).

The report, which also incorporates refinances, shows total refinance activity increased in the second quarter. Borrowers completed 111 refinances through HARP, bringing total refinances from the inception of the program to 3.495 million.

The report can be accessed at https://www.fhfa.gov/AboutUs/Reports/ReportDocuments/2Q2019_FPR-Refi-FPM.pdf.