The number of foreclosure prevention actions completed by Fannie Mae and Freddie Mac during the first quarter fell to 88,800, down from 99,704 in the fourth quarter of 2013, according to the Federal Housing Finance Agency. The total number of completed foreclosure actions has now reached nearly 3.2 million since the two companies entered federal conservatorship in September 2008.
In the first quarter, 42 percent of all permanent loan modifications helped to reduce homeowners' monthly payments by more than 30 percent. More than 2.6 million foreclosure prevention actions, including 1.6 million permanent loan modifications, helped troubled homeowners stay in their homes.
The number of Fannie Mae and Freddie Mac serious delinquent borrowers fell 8 percent in the quarter.