Fannie, Freddie Complete 134,000 Foreclosure Prevention Actions in 3Q12
The Federal Housing Finance Agency said that Fannie Mae and Freddie Mac were responsible for completing more than 134,000 foreclosure prevention actions in the third quarter of 2012.
This brings the total foreclosure prevention actions to more than 2.5 million since the two companies were placed in government conservatorship in 2008 with nearly 1.3 million of those actions being permanent loan modifications.
Year-to-date, Fannie Mae and Freddie Mac have completed nearly 411,000 foreclosure prevention actions, the FHFA said.
There were nearly 38,000 short sales and deeds-in-lieu completed in the third quarter, up 4% compared with the second quarter.
According to the FHFA, 45% of the troubled borrowers who received loan modifications in the third quarter had their monthly payments reduced by more than 30%, while one-third of the period’s loan modifications included principal forbearance.
There were 27,432 active HAMP trials during the third quarter, versus 31,051 in the second.