FHFA trumpets foreclosure milestone

by Adam Smith24 Dec 2013
More than three million homeowners have been helped by foreclosure prevention programs, the FHFA has said.

The Federal Housing Finance Agency has announced that Fannie Mae and Freddie Mac have completed more than three million foreclosure prevention actions since the start of conservatorship in September 2008. The actioms have inclided both HAMP and non-HAMP home loan modifications, the Agency said.

"Three million completed foreclosure prevention actions is a significant achievement," acting FHFA director Ed DeMarco said. "It represents real assistance to homeowners, improved stability for their communities, and has produced meaningful savings for taxpayers."

The FHFA said the foreclosure prevention actions have helped around 2.5 million homeowners stay in their homes through loan modifications or other actions, and have seen more than 500,000 borrowers avoid foreclosure through short sales or deeds-in-lieu.



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