The WPJ
Residential Real Estate News
Fannie and Freddie Implement 405,000 Loan Modifications; Refinance 4 Million Loans Through November
(WASHINGTON, D.C.) -- The Federal Housing Finance Agency today released its third quarter Foreclosure Prevention & Refinance Report, which shows that as of November 2009, Fannie Mae and Freddie Mac (the Enterprises), implemented more than 405,000 trial and permanent loan modifications under the Administration's Home Affordable Modification Program (HAMP) and refinanced 4 million loans. The report, which now includes data on delinquencies, loan modifications and refinance activity for each Enterprise, details the actions Fannie Mae and Freddie Mac have taken to prevent foreclosures and keep people in their homes.
The report shows:
- As of Nov. 30, 2009, the Enterprises had implemented 405,700 HAMP active trial and permanent loan modifications.
- Foreclosure starts on Enterprise loans declined in the third quarter by 15 percent.
- Loan modifications entered into on Enterprise loans, excluding HAMP trial loan modifications, increased 14 percent from the second quarter, from 32,300 to 36,700.
- Nearly half of loan modifications completed in the third quarter, excluding HAMP trial modifications, resulted in borrowers' payments decreasing by over 20 percent.
- Loans modified in recent quarters performed slightly better six months after modification than did earlier modifications.
- Short sales and deeds in lieu increased by 39 percent during the third quarter from 12,300 to 17,400.
- Loans 60-plus-days delinquent increased by 260,300 loans or nearly 20 percent during the third quarter to 1.6 million.
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