Additional findings of the report include the following:
- Total completed foreclosure-prevention actions declined in the first quarter to 171,531
from 208,416 in the previous quarter, primarily driven by decreases in loan modifications and repayment plans. - The GSEs’ completed loan modifications decreased to 86,201 from 119,778 during the first quarter.
- The cumulative total of refinancings through the Home Affordable Refinance Program (HARP) increased 21 percent during the quarter to approximately 752,000 loans.
- Loans modified in 2010 continued to perform substantially better compared to loans modified in earlier periods for two primary reasons:
1) Loan modifications in 2010 resulted in larger payment reductions for a greater proportion of borrowers than in earlier periods
2) The majority of completed loan modifications in 2010 required successful completion of a trial period prior to permanent modification. - Foreclosure starts declined while completed third-party and foreclosure sales increased in the first quarter.
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