GSEs Foreclosure Prevention Actions Nearly 3.2M through Q1

DSN-freddiefannie-300x159The one number that is never published in these reports is the amount of money that the US Taxpayers paid out for all this “success”. The last amount found was $2.5 Billion dating from around the end of 2013. For a more detailed look at this subject – please read the article below.

The FHA Condos Approval Company, Inc.

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Fannie Mae and Freddie Mac have completed nearly 3.2 million foreclosure prevention actions since the start of the government’s conservatorship of the two companies in 2008. According to the Federal Housing Finance Agency’s Foreclosure Prevention Report, 88,000 actions were performed in the first quarter of 2014 alone.

The agency found that foreclosure prevention actions in Q1 allowed 2.6 million borrowers to remain in their homes, while 1.6 million borrowers received permanent loan modifications.

“There were nearly 54,700 permanent loan modifications in the first quarter, bringing the total number of permanent modifications to more than 1.6 million since conservatorship,” FHFA said. “In addition, the Enterprises completed approximately 16,100 repayment plans and 2,900 forbearance plans to help delinquent borrowers during the quarter.”

Properties currently utilizing the Home Affordable Modification Program (HAMP) totaled 431,000 in the first quarter of 2014.

Of all permanent loan modifications in the first quarter, 42 percent reduced monthly homeowner payments by over 30 percent. “Approximately 27 percent of borrowers who received permanent loan modifications during the quarter had portions of their mortgage balance forborne,” FHFA said.

The FHFA found that approximately 14,900 short sales and deeds-in-lieu were completed during the quarter, bringing the total to more than 566,800 since the start of the conservatorship.

To read the complete article – please use the link below.

Foreclosure Prevention Actions

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