Fannie Mae and Freddie Mac Foreclosure Prevention Actions Double from 2009; HARP Refinancings Increase

Fannie Mae and Freddie Mac Foreclosure Prevention Actions Double from 2009; HARP Refinancings Increase

Washington, DC – March 3, 2011 – (RealEstateRama) — The total number of Fannie Mae and Freddie Mac completed foreclosure prevention actions in 2010 more than doubled from one year earlier, according to the FHFA’s
Fourth Quarter 2010 Foreclosure Prevention & Refinance Report. Although loan modifications declined for the second consecutive quarter, refinancings through the Home
Affordable Refinance Program (HARP) increased 30 percent in the fourth quarter.

Additional findings of the Report include the following:

? Total foreclosure prevention actions more than doubled in 2010, from 431,098 in 2009 to 946,305.
? The Enterprises’ completed loan modifications decreased 18 percent to nearly 119,800 during the fourth quarter.
? The performance of loans modified in the first three quarters of 2010 improved relative to loans modified in earlier periods, as payment reductions increased; nearly half of completed loan modifications in the fourth quarter lowered borrowers’ monthly payments by over 30 percent.
? Foreclosure starts and completed third-party foreclosure sales declined in the fourth quarter as some servicers imposed a moratorium on foreclosures to address operational issues.
? Combined completed foreclosure prevention actions total more than 1.4 million since the Enterprises were placed in conservatorship in September 2008.

Link to Fourth Quarter 2010 Foreclosure Prevention & Refinance Report

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The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks.
These government-sponsored enterprises provide more than $5.9 trillion in funding for the U.S. mortgage markets and financial institutions.

Contact:
Corinne Russell (202) 414-6921
Stefanie Johnson (202) 414-637

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FHFA

The Federal Housing Finance Agency (FHFA) was created on July 30, 2008, when the President signed into law the Housing and Economic Recovery Act of 2008.  The Act created a world-class, empowered regulator with all of the authorities necessary to oversee vital components of our country’s secondary mortgage markets – Fannie Mae, Freddie Mac, and the Federal Home Loan Banks.  In addition, this law combined the staffs of the Office of Federal Housing Enterprise Oversight (OFHEO), the Federal Housing Finance Board (FHFB), and the GSE mission office at the Department of Housing and Urban Development (HUD).

Contact:

1700 G Street, NW
4th Floor
Washington, DC 20552
Phone: (866) 796-5595

Corinne Russell
(202) 414-6921
Stefanie Mullin
(202) 414-6376

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