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Foreclosure Prevention Report

Foreclosure Prevention Report - Third Quarter 2015

Published: 12/16/2015

​​Third Quarter 2015 Highlights


 
The Enterprises' Foreclosure Prevention Actions:

 
  • The Enterprises completed 54,744 foreclosure prevention actions in the third quarter of 2015, bringing the total to 3,595,680 since the start of conservatorships in September 2008. Of these actions, 2,962,996 have helped troubled homeowners stay in their homes including 1,868,909 permanent loan modifications.
  • Approximately 30 percent of all permanent loan modifications in the third quarter helped to reduce homeowners' monthly payments by over 30 percent.
  • The share of modifications with principal forbearance remained at 19 percent. Modifications with extend-term only accounted for 47 percent of modifications in the third quarter due to improved house prices and a declining HAMP eligible population.
  • As of September 30, 2015, approximately 19 percent of loans modified in the third quarter of 2014 had missed two or more payments, one year after modification.
  • There were 8,721 completed short sales and deeds-in-lieu during the quarter, bringing the total to 632,684 since the start of conservatorships.

 
The Enterprises' Mortgage Performance:

 
  • The number of 60+ days delinquent loans declined 3 percent during the third quarter as the economy improved and house prices continued to increase.
  • The Enterprises' serious delinquency rate fell to 1.5 percent at the end of the third quarter compared with 5.4 percent for Federal Housing Administration (FHA) loans, 2.9 percent for Veterans Affairs (VA) loans and 3.6 percent for all loans (Industry average).

 
The Enterprises' Foreclosures:

 
  • Third-party sales and foreclosure sales decreased 10 percent to 26,989 while foreclosure starts increased 6 percent to 66,192 in the third quarter.
  • REO inventory declined 11 percent during the quarter to 77,204, as property dispositions continued to outpace property acquisitions.
For an interactive online map that provides state data, click on the following link: Fannie Mae and Freddie Mac State Borrower Assistance Map

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