FHFA Releases New Mortgage Metrics Report

The Federal Housing Finance Agency (FHFA) has released its Mortgage Metrics Report for the second quarter of 2008.

The report presents key performance data on 30.6 million first-lien residential mortgages with outstanding balances totaling $4.5 trillion serviced on behalf of Fannie Mae and Freddie Mac for the first and second quarters of 2008. It summarizes data provided by Fannie Mae and gives a comprehensive view of efforts to assist borrowers, including forbearance plans, short sales, deeds in lieu, assumptions and charge-offs in lieu of foreclosure.

According to the FHFA, the loss mitigation performance ratio for prime mortgages decreased from 43.7% in the first quarter of 2008 to 37.2% in the second quarter of 2008. Loss mitigation actions that allowed prime borrowers to avoid foreclosure and retain the property, such as payment plans, loan modifications and charge-offs, represented 90.3% of loss mitigation actions in the first quarter of 2008 and 83.5% of loss mitigation actions in the second quarter.

Source: Federal Housing Finance Agency

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