Mortgage Delinquencies Decline For Both Fannie And Freddie
The percentage of single-family mortgage loans counted as seriously delinquent has dropped back for both Fannie Mae and Freddie Mac. According to Fannie Mae’s latest monthly status report, the GSE’s seriously delinquent rate has declined to 4.45 percent. Freddie Mac’s most recent report shows its seriously delinquent rate to have fallen to 3.78 percent. Both companies have posted steady declines for three consecutive months, and they’ve recently announced changes to their servicing guidelines that could impact the way delinquent loans are handled.
Completed Foreclosures Down By Nearly 50% Among Largest Servicers
The nation’s largest mortgage servicers foreclosed on 95,067 homes during the fourth quarter of 2010, a 49 percent drop from the number of completed foreclosures during the previous quarter, according to a new report from two regulatory agencies. Newly initiated foreclosures also decreased but by a much smaller ratio of 8 percent. Because new foreclosures outpaced completed foreclosures, the inventory of foreclosures in process increased to 1,290,253, representing 3.9 percent of all serviced loans among the largest national firms.
Nearly 4,500 HAFA Short Sales and Deeds-in-Lieu Completed
Treasury has released a new report on the government’s foreclosure prevention efforts. In addition to the Home Affordable Modification Program (HAMP) numbers that are regularly recounted, new this month are details on short sales and second lien modifications. As of the end of February, 4,488 homeowners completed a short sale or deed-in-lieu under the Home Affordable Foreclosure Alternatives (HAFA) program. Another 10,177 borrowers have HAFA agreements in place. Second-lien modifications have been provided to 16,951 homeowners.
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