9/25/2019: More Than 4.3 Million Homeowners Helped Since Conservatorships
September 25, 2019 / Source: FHFA
More Than 4.3 Million Homeowners Helped Since Conservatorships
FOR IMMEDIATE RELEASE
Washington, D.C. – The Federal Housing Finance Agency (FHFA) today released its second quarter 2019 Foreclosure Prevention Report, which shows that Fannie Mae and Freddie Mac (the Enterprises) completed 31,757 foreclosure prevention actions in the second quarter of 2019, bringing the total number of foreclosure prevention actions to 4,354,561 since September 2008.
The report also shows that 40 percent of loan modifications completed in the second quarter reduced borrowers’ monthly payments by more than 20 percent. The Enterprises’ serious delinquency rate dropped to 0.67 percent at the end of the second quarter. This compares with 3.43 percent for Federal Housing Administration (FHA) loans, 1.81 percent for Veterans Affairs (VA) loans and 1.95 percent for all loans (industry average).
The report, which also incorporates refinances, shows that total refinance activity increased in the second quarter. Borrowers completed 111 refinances through HARP, bringing total refinances from the inception of the program to 3,495,406.
FHFA’s quarterly report also includes data on the Enterprises’ mortgage performance, delinquency, home forfeiture actions and refinances by state. FHFA publishes the report data in an online, interactive Borrower Assistance Map on FHFA.gov.
Link to Report
The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 11 Federal Home Loan Banks. These government-sponsored enterprises provide more than $6.3 trillion in funding for the U.S. mortgage markets and financial institutions. Additional information is available at www.FHFA.gov, on Twitter, @FHFA, YouTube, Facebook, and LinkedIn.