The Federal Housing Finance Agency (FHFA) has submitted to Congress its monthly Foreclosure Prevention Report, which summarizes data provided by Fannie Mae and Freddie Mac as of Oct. 31, 2008.
Among the report's findings were that 2.39% of all loans were 60-days-plus delinquent – an increase from September's total of 2.21%. Loan modifications increased 26% over third quarter's monthly average, and for mods completed in October, 57.8% were modified with an interest rate reduction and 43.2% were completed with a change to another term.
The loss mitigation ratio, which is calculated by dividing the total mitigation activities by the total of loss mitigation activities plus foreclosures completed and third-party sales, was 52.6% for October.
The report is available on the FHFA Web site, www.fhfa.gov.