FHFA: GSEs prevent 129,000 foreclosures in 2Q
Fannie Mae and Freddie Mac completed 129,000 foreclosure prevention actions in the second-quarter, bringing the year-to-date total to 275,100 modifications, the Federal Housing Finance Agency said Wednesday.
Half of the borrowers receiving foreclosure-prevention relief in the second quarter saw their monthly mortgage payments slashed by more than 30%. Another 29% of loan mods included some type of principal forbearance.
Since the start of the GSEs' conservatorship in September 2008, the FHFA has documented close to 2.4 million foreclosure prevention actions designed to save Fannie and Freddie loans.
About 1.2 million of those actions involved modifications.
"The enterprises' delinquent loan count has declined by 11% year-to-date, however in certain states the number of loans that have been delinquent for one year or more has increased substantially over the past six months," the FHFA wrote Wednesday.
The second-quarter brought fewer seriously delinquent loans at the GSEs, but the number of loans delinquent for only 30-to-59 days grew from 497 in the first quarter to 539 mortgages in 2Q.
Mortgages delinquent for 60 or more days edged down slightly from 1,202 mortgages in 1Q to 1,165 late pays in the second quarter.
Seriously delinquent mortgages also edged down to 1,009 in 2Q, compared to 1,052 in 1Q.
The second-quarter also brought declines in foreclosure starts and sales as well as the GSEs' REO inventory.
Loans already modified by Fannie Mae and Freddie Mac maintain a decent track record of post-mod performance with less than 15% of those modified in the third quarter of 2011 missing two or more payments in the past nine months.