Fannie Mae and Freddie Mac have completed more than 2.1 million foreclosure prevention actions since the start of their September 2008 conservatorship, including 1.1 million permanent loan modifications, according to new data from the Federal Housing Finance Agency's (FHFA) fourth quarter 2011 ‘Foreclosure Prevention and Refinance Report.’
The FHFA report also shows that after nine months, fewer than 20% of Fannie Mae and Freddie Mac loans modified in the four quarters ended March 31, 2011, had missed two or more payments, which the FHFA says is ‘an improvement over prior years.’
Furthermore, the FHFA reports that the government-sponsored enterprises' (GSEs) cumulative Home Affordable Refinance Program refinancings increased 10% in the fourth quarter of 2011, while half of all borrowers who received loan modifications in the fourth quarter had their monthly payments reduced by over 30% and one-third included principal forbearance. Florida had the highest number of serious delinquencies at the end of the fourth quarter, according to the FHFA, while California had the largest number of completed foreclosure prevention actions since the beginning of conservatorship in 2008.
The FHFA's full 54-page report is available online.