RISMEDIA, February 2, 2010—Fannie Mae and Freddie Mac initiated more than 485,000 mortgage loan modifications through December 2009, under the Administration’s Home Affordable Modification Program (HAMP). Total refinance volume increased in December, including those under the Home Affordable Refinance Program (HARP). The data were released by Edward J. DeMarco, Acting Director of the Federal Housing Finance Agency (FHFA), as part of the agency’s monthly Foreclosure Prevention Report.
The report summarizes foreclosure prevention data for Fannie Mae and Freddie Mac through October, 2009, and includes HAMP modification data and refinance data through December, 2009.
The report shows:
Foreclosure Prevention Actions:
-As of December, 2009, the Enterprises had initiated nearly 43,000 HAMP permanent modifications and 442,500 active trials.
-Completed loan modifications declined to approximately 7,000 in October, from 12,500 in September
-Other completed home retention actions such as repayment plans and forbearance plans increased in October. Repayment plans increased 12% while forbearance plans increased 38% in October.
-Total refinance volume rose in December in response to a gradual June to November decline in rates. Refinance volume is sensitive to mortgage rates with the effect most visible after a one or more month lag.
-Fannie Mae and Freddie Mac refinanced over 4 million loans in 2009 and over 190 thousand through the HARP program.
-Loans that are only one month delinquent decreased by 29,000 loans or nearly 4% in October to 705,000.
-Loans 60-plus-days delinquent increased by 66,000 loans or more than 4% in October to 1.7 million.
-Foreclosure starts in October increased 5% compared with September to nearly 77,900.
-Completed foreclosure and third-party sales increased 20% to 29,200 in October, from 24,200 in September.
For more information, visit www.fhfa.org.