The GSEs’ foreclosure-prevention actions slashed monthly payments by 20%
Fannie Mae and Freddie Mac’s foreclosure-prevention actions saved more than 30,000 properties from foreclosure in the second quarter, according to the Federal Housing Finance Agency (FHFA).
The findings of FHFA’s Foreclosure Prevention Report showed that the GSEs completed 31,757 foreclosure-prevention actions in Q2. The GSEs have completed more than 4.35 million such actions since September 2008.
Forty percent of loan modifications the GSEs made reduced monthly payments by over 20%.
Fannie and Freddie’s serious delinquency rate fell to 0.67%, compared with 1.95% for all loans, as well as 3.43% for FHA loans and 1.81% for VA loans.
The FHFA recorded an increase in total refinance activity. Borrowers completed 111 refinances through HARP, bringing total refinances to 3,495,406 since the inception of the program.
