Foreclosure-prevention actions by Fannie Mae and Freddie Mac increased in the third quarter of 2011, according to a report by the Federal Housing Finance Agency. Since entering conservatorship in 2008, the GSEs have taken nearly 2 million foreclosure-prevention actions and completed 1 million loan modifications.
According to the FHFA report, the increase in completed foreclosure prevention activity in the third quarter was driven primarily by loan modifications and repayment plans. Two-thirds of all borrowers who received loan modifications in the third quarter had their monthly payments reduced by more than 20 percent. Additionally, the GSEs' cumulative refinancings through the Home Affordable Refinance Program (HARP) increased 11 percent during the third quarter to nearly 928,600 loans.
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