Fannie Mae and Freddie Mac completed 43,459 foreclosure prevention actions during the third quarter, according to the Federal Housing Finance Agency’s (FHFA) most recent Foreclosure Prevention and Refinance Report.
That raised the total number of homeowners who have been helped to 7,047,721 since the start of conservatorships in September 2008.
About 35% of loan modifications completed in the third quarter reduced borrowers’ monthly payments by more than 20%, the report shows.
The number of refinances increased to 98,785 in the third quarter – up from 89,571 in the second quarter.
Fannie and Freddie’s combined serious delinquency rate (90 days or more past due) increased slightly to 0.53% at the end of the third quarter. This compares with 3.63% for Federal Housing Administration (FHA) loans, 2.26% for Veterans Affairs (VA) loans, and 1.55% for all loans.
As of the end of the third quarter, 39,669 Fannie and Freddie loans were in forbearance, representing approximately 0.13% of the GSEs’ single-family conventional book of business.
That’s up from 31,827 loans, or 0.10%, at the end of the second quarter.
Approximately 1% of these loans have been in a forbearance plan for more than 12 months.
The 60+ day delinquency rate increased to 0.75% at the end of the third quarter, up from 0.70% at the end of the second quarter.
There were 22,025 foreclosure starts during the quarter, an increase of 27% compared with the second quarter.
The GSEs’ REO inventory decreased to 8,766 properties in the third quarter, down 7% from 9,450 properties in the second quarter.
The total number of property acquisitions decreased 2% to 1,176, while dispositions declined 12% to 1,848 during the quarter.
Photo: Matthew Moloney
