GSEs Prevented 2M Foreclosures Since Entering Conservatorship

Fannie Mae and Freddie Mac have engaged in nearly 2 million foreclosure prevention actions, including almost 1.7 million home-retention actions, since entering conservatorship more than three years ago, according to the Federal Housing Finance Agency (FHFA) third-quarter Foreclosure Prevention & Refinance Report.

The report also showed that the companies' cumulative refinancings under the Home Affordable Refinance Program (HARP) grew 11% during the quarter to nearly 928,600 loans at the end of September.

The increase in the government-sponsored enterprises (GSEs) completed foreclosure prevention activity in the third quarter was driven primarily by loan modifications (83,582) and repayment plans (48,582). Two-thirds of all borrowers who received loan modifications in the third quarter had their monthly payments reduced by more than 20%.

The report also showed a continued decrease in the GSEs' inventory of real estate owned properties. The companies acquired 69,572 homes but disposed of 83,678. At the end of the quarter, their total REO inventory stood at about 182,212 homes.

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