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Report: 1.7 Million GSE Loans at Least 60 Days Past Due

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Report: 1.7 Million GSE Loans at Least 60 Days Past Due By: Carrie Bay

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06/23/2010

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The number of loans held by Fannie Mae and Freddie Mac that

foreclosure aversion actions were taken, driven by increases in

were 60-plus-days delinquent stood at 1.7 million at the end of

all forms of home retention activity, short sales, and deeds-in-

the first quarter of 2010, the two companies’ conservator said

lieu.

in a report to Congress this week.

Completed loan modifications doubled to nearly 137,600 in Q1 with the majority of loan restructuring completed through Home Affordable Modification Program (HAMP), FHFA reports. GSE servicers moved 93,056 borrowers from HAMP trials into permanent modifications during the first three months of this year. Fifty-four percent of all loan modifications completed on GSE loans during the quarter involved a combination of rate reduction and term extension. Approximately two-thirds lowered borrowers’ monthly payments by over 20 percent, FHFA said. Nearly 55,900 of the enterprises delinquent loans received

While the volume of past dues may seem like an extraordinary

repayment plans during the quarter and 18,000 were granted forbearance plans.

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Report: 1.7 Million GSE Loans at Least 60 Days Past Due

negative weight on a servicing community already stretched thin, the Federal Housing Finance Agency (FHFA) says the

More than 24,300 short sales and deeds-in-lieu were also

number of GSE loans in the 60-plus-days delinquency bucket

completed in Q1, an increase of 23 percent over the prior

actually decreased by 1.3 percent, or 23,800 loans, in Q1. It

quarter.

marked the first decline in two years.

FHFA reported that Fannie and Freddie’s cumulative refinance

The number of new delinquencies in Fannie and Freddie’s

volume under the administration’s Home Affordable Refinance

portfolios dropped also. Loans that were only one month

Program (HARP) increased 53 percent during the first quarter

delinquent decreased by 115,600 loans, or 16 percent, during

to nearly 291,584.

the first quarter to approximately 609,000.

Just as home retention efforts and short sales increased, the

FHFA says servicers are working through the glut of GSE

number of non-performing loans liquidated through

delinquencies at a much faster pace, too. According to the

foreclosure also grew.

agency’s report to Congress foreclosure prevention activity

FHFA’s data shows that the GSEs’ foreclosure starts increased

increased 75 percent in the first quarter of 2010 compared to

to 246,000 during the first three months of this year. That

the previous three months. Approximately 239,000

compares to 243,000 foreclosures initiated in the previous quarter. Completed foreclosure sales and third-party sales increased 26 percent to nearly 97,900.

Recent Articles Ocwen's HAMP Trials Adhere to 3-Month Timeframe Regulators Point to Improving Loan Performance Across-the-Board Fed Maintains Near-Zero Interest Rate Manhattan's Stuy Town Heading to Foreclosure Auction

Your Daily Five 1. IDEAS iEmergent forecasts another 5.2% drop in mortgage volume.

2. COMPANIES Ocwen's HAMP trials adhere to Treasury's 3-month timeframe.

3. STORIES Ginnie Mae guaranteed more than $33.9B in MBS last month.

4. PEOPLE Ronald Deutsch named Maryland Bar Assoc's real property chair.

5. EVENTS Five Star Conference is coming up. Have you made your plans?

Author: Carrie Bay • Date: 06/23/2010 • Category: Foreclosure, Government, Loss Mitigation, Market Studies, Secondary Market • Users: Agents & Brokers, Attorneys & Title Companies, Investors, Lenders & Servicers, Service Providers

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Report: 1.7 Million GSE Loans at Least 60 Days Past Due

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1.7 Million GSE Loans at Least 60 Days Past Due