GSE loan mods, refinancings rise in November

As of November 2009, Fannie Mae and Freddie Mac implemented more than 405,000 trial and permanent loan modifications under the Home Affordable Modification Program (HAMP), according to a third quarter Federal Housing Finance Agency’s (FHFA) report. The agency also refinanced 4 million loans. The report details the actions each enterprise has taken to prevent foreclosures and help homeowners remain in their homes.



According to the report, as of Nov. 30:

• Fannie and Freddie had implemented 405,700 HAMP active trial and permanent loan modifications.

• Foreclosure starts on loans owned or guaranteed by the GSEs declined 15 percent in the third quarter.

• Loan modifications, excluding HAMP trial loan modifications, increased 14 percent compared with the second quarter.

• Nearly half of loan modifications completed in the third quarter, excluding HAMP trial modifications, resulted in borrowers’ payments decreasing by more than 20 percent.

• Short sales and deeds in lieu increased by 39 percent during the third quarter.

• Loans 60 or more days delinquent increased nearly 20 percent during the third quarter to 1.6 million.