Published:
09/26/2012
Attachments:
Foreclosure Prevention Report – 2Q 2012
Second Quarter 2012 Highlights
The Enterprises’ Completed Foreclosure Prevention Actions:
- The Enterprises completed approximately 129,000 foreclosure prevention actions in the second quarter, bringing the total to nearly 2.4 million since the start of conservatorship in September 2008. Over 2 million of these actions have helped borrowers keep their homes including 1.2 million permanent loan modifications.
- Nearly half of troubled borrowers who received loan modifications in the second quarter had their monthly payments reduced by more than 30 percent.
- Approximately 29 percent of loan modifications completed in the second quarter included principal forbearance.
- The performance of modified loans remains strong. Fewer than 15 percent of loans modified in the third quarter of 2011 had missed two or more payments, nine months after modification.
The Enterprises’ Mortgage Performance:
- Serious delinquency rates continued to decline. However, the percentage of loans that have missed one or two monthly payments increased during the second quarter.
- The Enterprises’ delinquent loan count has declined by 11 percent 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 Enterprises’ Foreclosures:
- Foreclosure starts and foreclosure sales decreased in the second quarter.
- REO inventory declined for the seventh consecutive quarter as property dispositions continue to outpace property acquisitions in the second quarter.