FHFA: Foreclosure Preventions Top 4.1 Million
The Federal Housing Finance Agency said Fannie Mae and Freddie Mac completed 68,378 foreclosure prevention actions in the first quarter, bringing the total number of foreclosure prevention actions to 4.1 million.
The Agency’s First Quarter 2018 Foreclosure Prevention Report (https://www.fhfa.gov/AboutUs/Reports/ReportDocuments/FPR_1Q2018.pdf) also noted the government-sponsored enterprises’ serious delinquency rate dropped to 1.1 percent at the end of the first quarter.
The report said of the 4.1 million prevention actions, more than 3.4 million helped homeowners stay in their homes; the total include 2.187 million permanent loan modifications.
The report said 44 percent of modifications in the first quarter involved modifications with principal forbearance. Modifications with extend-term only accounted for 42 percent of all loan modifications during the quarter. The GSEs completed 2,763 completed short sales and deeds-in-lieu during the quarter, bringing the total to 685,299 since the conservatorships began in September 2008.
Other report highlights:
–The percentage of 60+ days delinquent loans dropped from 1.6 percent to 1.4 percent at the end of the first quarter.
–The GSEs’ serious delinquency rate (90 days or more) decreased to 1.1 percent at the end of the first quarter, compared to 4.2 percent for Federal Housing Administration loans, 2.2 percent for Veterans Affairs loans and 2.6 percent for all loans (industry average).
–Foreclosure starts increased by 3 percent to 46,365; third-party and foreclosure sales increased by 4 percent to 13,936.
–The GSEs’ overall delinquency rate decreased in the first quarter. The percentage of loans 30-59 days delinquent dropped to 1.2 percent, while the 60-plus-day delinquency rate decreased to 1.4 percent at the end of the quarter.
–The GSEs; serious delinquency rate also decreased to 1.1 percent at the end of the quarter. This compared to 4.2 percent for FHA loans, 2.2 percent for VA loans and 2.6 percent for all loans.
