FHFA: More Than 4.4 Million Homeowners Helped Since Conservatorship
The Federal Housing Finance Agency released its fourth quarter 2019 Foreclosure Prevention and Refinance Report, which shows Fannie Mae and Freddie Mac completed 25,930 foreclosure prevention actions, bringing to 4.407 million the number of troubled homeowners who have been helped during conservatorships.
The report also showed nearly 40 percent of loan modifications completed in the fourth quarter reduced borrowers’ monthly payments by more than 20 percent.
The GSEs’ serious delinquency rate remained unchanged from the third quarter at 0.65 percent at the end of the fourth quarter. This compares with 3.47 percent for Federal Housing Administration (FHA) loans, 1.92 percent for Veterans Affairs (VA) loans and 1.76 percent for all loans (industry average). The report also showed a jump in refinances from the third quarter of 540,578 to 728,842 in the fourth quarter.
The report can be accessed at https://www.fhfa.gov/AboutUs/Reports/ReportDocuments/4Q2019-FPR.pdf.