Fannie Mae and Freddie Mac completed nearly 32,000 home retention actions in August 2009 – a 32% increase from July, according to a report from the companies' conservator, the Federal Housing Finance Agency (FHFA).
Separately, trial mortgage loan modifications under the Administration's Home Affordable Modification Program (HAMP) increased nearly 30% from September to October 2009. The report summarizes foreclosure prevention data for the government-sponsored enterprises (GSEs) through Aug. 31 and HAMP trial modifications through Oct. 31.
The number of completed loan modifications more than doubled to approximately 17,200 in August from 7,100 in July as servicers continued to offer traditional loan modifications to borrowers who do not qualify for HAMP.
While the GSEs' home retention actions grew, so did the number of delinquent loans. Approximately 93,400 more loans became 60 days or more delinquent in August. Loans 60+ days delinquent increased approximately 61% year-to-date to 1.5 million. Borrowers enlisting in the HAMP are classified as "delinquent" until they successfully complete the trial period.
Loans that were between one and two months past due increased by 13% to 745,700 in August, from 659,800 in July.
Foreclosure starts increased 11% during the month to nearly 94,700, and completed foreclosure and third-party sales declined 13% to 21,800.
SOURCE: Federal Housing Finance Agency