Milestone: FHFA says 3 million homeowners saved from foreclosure
The Federal Housing Financing Agency (FHFA) announced Monday that Fannie Mae and Freddie Mac have completed more than 3 million foreclosure prevention actions since the start of conservatorship in September 2008.
"Three million completed foreclosure prevention actions is a significant achievement," said outgoing FHFA director Edward DeMarco. "It represents real assistance to homeowners, improved stability for their communities, and has produced meaningful savings for taxpayers."
Foreclosure prevention actions generally involved either home retention actions and foreclosure alternatives. The first category includes loan modifications through the federal Home Affordable Modification Program (HAMP) and through the far more successful non-HAMP mod programs. The second category includes deeds-in-lieu of foreclosure, streamlined modifications and short sales.