The Federal Housing Finance Agency reported yesterday that Fannie Mae and Freddie Mac significantly stepped up their foreclosure prevention activities in the first quarter of 2009. But those efforts failed to keep pace with both the jump in serious delinquencies and foreclosures started with government-sponsored enterprise mortgages during the three-month period. The latest FHFA numbers show that completed actions to prevent foreclosure–including loan modifications–rose to 86,600 at the GSEs. But those numbers were dwarfed by the rise in 60 days or more delinquent loans (173,700) and the huge jump in foreclosures started on Fannie/Freddie loans in the first quarter (243,800).
Inside Mortgage Finance is hosting an audio conference on the latest loss mitigation efforts tomorrow, Thursday June 25, at 3 pm EDT. Click here for more info.
