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FHFA Q3 foreclosure prevention and refinance report
The Federal Housing Finance Agency (FHFA) yesterday released its third quarter 2019 Foreclosure Prevention and Refinance Report, which shows that Fannie Mae and Freddie Mac (the Enterprises) completed 26,475 foreclosure prevention actions in the third quarter of 2019, bringing the total number of foreclosure prevention actions to 4,381,036 since September 2008. The report also shows that 37 percent of loan modifications completed in the third quarter reduced borrowers' monthly payments by more than 20 percent. The Enterprises' serious delinquency rate dropped to 0.65 percent at the end of the third quarter. This compares with 3.39 percent for Federal Housing Administration (FHA) loans, 1.87 percent for Veterans Affairs (VA) loans and 1.81 percent for all loans (industry average). The report also shows that the Enterprises completed 539,485 refinances in the third quarter.