Tag Archives: Permanent Loan Modifications

According to the FHFA’s Foreclosure Prevention and Refinance Report for the third quarter, the GSEs’ serious delinquency rate declined at the end of the quarter, with Fannie Mae and Freddie Mac completing more than 43,000 foreclosure prevention actions during Q3.

As the nation continues to struggle with inflation and high mortgage rates, Fannie Mae and Freddie Mac completed more than 5,100 permanent loan modifications in May, according to the latest FHFA Foreclosure Prevention and Refinance Report.

The FHFA reports that since the start of Fannie Mae and Freddie Mac conservatorship in September 2008, the GSEs have recorded 6.7 million-plus foreclosure prevention actions to date nationwide.

Since the start of the GSEs' conservatorship nearly 14 years ago, approximately 40% of their foreclosure prevention actions have resulted in permanent loan modifications.

With HAMP set to expire at the end of this year, how much of an effect has the program had on GSE-backed loans?

Foreclosures are way down and many housing fundamentals are at pre-crisis levels. But for those borrowers still facing foreclosure or at risk of defaulting, permanent loan modification remains a popular option.

REO inventory for Fannie Mae and Freddie Mae dropped by 14 percent during Q2, down to 86,515 for the two GSEs combined, as property dispositions continued to outpace property acquisitions. It was the first time the REO inventory for the GSEs has been below 100,000 since 2009.

More than half of the total foreclosure prevention actions completed by the FHFA in nearly seven years (1.82 million) have come in the form of permanent loan modifications, according to FHFA.

More than half of the nearly 3.5 million foreclosure prevention actions completed by Fannie Mae and Freddie Mac since the start of the conservatorships in September 2008 were permanent loan modifications, according to FHFA.

HOPE NOW Non-foreclosure solutionsThe gap between non-foreclosure solutions and foreclosures widened even further in November 2014, according to data recently released by HOPE NOW, the voluntary private sector alliance of mortgage sevicers, investors, and non-profit counselors.