Fannie Mae and Freddie Mac Help More Than 2.4 Million with Foreclosure Prevention Actions;

Fannie Mae and Freddie Mac Help More Than 2.4 Million with Foreclosure Prevention Actions;

Report Provides State-Level Information on Delinquencies

Washington, DC – September 26, 2012 – (RealEstateRama) — Fannie Mae and Freddie Mac completed more than 129,000 foreclosure prevention actions in the second quarter of 2012, bringing the total foreclosure prevention actions to 2.4 million since the start of conservatorship in 2008 with 1.2 million of those actions being permanent loan modifications. These actions, which have helped more than 2 million borrowers stay in their homes, are detailed in the Federal Housing Finance Agency’s second quarter 2012 Foreclosure Prevention Report, also known as the Federal Property Manager’s Report.

This quarterly report features new information on state delinquencies and an updated, interactive Borrower Assistance Map for Fannie Mae and Freddie Mac mortgages, with information on delinquencies, foreclosure prevention activities and Real Estate Owned (REO) properties.

Also noted in the report:

? Fannie Mae and Freddie Mac completed approximately 129,000 foreclosure prevention actions in the second quarter of 2012, bringing the year-to-date total to 275,100.

? Nearly half of troubled borrowers who received loan modifications in the second quarter had their monthly payments reduced by more than 30 percent.

? Approximately 29 percent of loan modifications completed in the second quarter included principal forbearance.

? Foreclosure starts and foreclosure sales decreased in the second quarter.

? REO inventory declined for the seventh consecutive quarter as property dispositions continued to outpace property acquisitions during the second quarter.

Link to 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 $5.7 trillion in funding for the U.S. mortgage markets and financial institutions.

Contact:
Corinne Russell (202) 649-3032
2012 Stefanie Johnson (202) 649-3030

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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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