Of that total, 62,500 foreclosure prevention actions were through loan modifications. And, about 45 percent of borrowers who received modifications in Q3 saw monthly payment reductions greater than 30 percent. Among those who were modified, about two-thirds received non-HAMP mods.
Nine months after getting modified in Q4 2011, less than 15 percent of borrowers missed two or more payments, according to the report.
Overall, since the start of their conservatorship in September 2008, the GSEs have completed 2.5 million foreclosure prevention actions.
Over 2.3 million of those actions involved solutions which allowed borrowers to stay in their home, including 1.3 million loan modifications.
In addition to modifications and other home retention actions, FHFA also provided data on home forfeiture actions, such as short sales and deeds-in-lieu. In Q3, the GSEs completed nearly 38,000 short sales and deeds-in-lieu, representing an increase of 4 percent from Q2 2012. Year-to-date, the total for home forfeiture actions is 108,800.
While short sales have increased, REO inventory for the GSEs shrunk in Q3 as REO property dispositions outpaced acquisitions.
Fannie Mae and Freddie Mac acquired 62,186 REOs in Q3, but disposed of 66,585. By the end of Q3, the GSEs held 158,138 REOs in their inventory, down from 162,537 in Q2 and 182,212 in Q3 2011.
The number of delinquent borrowers in the GSEs’ portfolio decreased 9 percent since the beginning of the 2012. The report noted a “substantial number” of delinquent borrowers are “deeply delinquent,” meaning they are past due by at least 365 days. As of September 30, more than half of seriously delinquent borrowers, or those past due by at least 90 days, are behind by at least one year. According to the report, about 29 percent of deeply delinquent borrowers are in Florida.
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