GSEs Complete More Than 130,000 Foreclosure Preventative Actions in Q1

July 1, 2013
National Mortgage Professional  
mortgage lending news

According to the Federal Housing Finance Agency's (FHFA's) first-quarter report, Fannie Mae and Freddie Mac executed more than 130,000 foreclosure prevention actions from January through March. They have completed almost 2.8 million such actions since entering federal conservatorship in 2008. FHFA's quarterly summary also indicated that serious delinquencies declined to 3 percent from 3.3 percent, and more than a third of mortgage workouts during the quarter featured principal forbearance. While there were more foreclosure starts in the first three months of the year, third-party sales and foreclosure sales trended down for the period. Additionally, foreclosures were avoided through more than 30,000 short sales and deeds-in-lieu
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