FHFA assists 3.2 million troubled homeowners
The number of foreclosure prevention actions completed during the first quarter was slightly down from the fourth quarter of 2013, falling to 88,800 from 99,704, according to the Federal Housing Finance Agency.
But this is still good news for the economy, bringing the total number of completed foreclosure actions to nearly 3.2 million since the start of conservatorship in September 2008.
In the first quarter, 42% of all permanent loan modifications in the first quarter helped to reduce homeowners’ monthly payments by over 30%.
More than 2.6 million of these actions have helped troubled homeowners stay in their homes, including 1.6 million permanent loan modifications.
In addition, as of March 31, about 13% of loans modified in the first quarter of 2013 had missed two or more payments, one year after modification.
The number of Fannie Mae and Freddie Mac serious delinquent borrowers dropped 8% during the first quarter.