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