Fannie and Freddie Help Millions with Foreclosure Prevention

Investor Update: On September 26, the Federal Housing Finance Agency (FHFA) published a release entitled Fannie Mae and Freddie Mac Help More Than 2.4 Million with Foreclosure Prevention Actions. These actions, which have helped millions stay in their homes, are cumulative since the start of the conservatorship in 2008.

Fannie Mae and Freddie Mac Help More Than 2.4 Million with Foreclosure Prevention Actions;
Report Provides State-Level Information on Delinquencies

Fannie Mae and Freddie Mac completed more than 129,000 foreclosure
prevention actions in the second quarter of 2012, bringing the total foreclosure prevention
actions to 2.4 million since the start of conservatorship in 2008 with 1.2 million of those
actions being permanent loan modifications. These actions, which have helped more than
2 million borrowers stay in their homes, are detailed in the Federal Housing Finance Agency’s
second quarter 2012 Foreclosure Prevention Report, also known as the Federal Property
Manager’s Report
.

This quarterly report features new information on state delinquencies and an updated,
interactive Borrower Assistance Map for Fannie Mae and Freddie Mac mortgages, with
information on delinquencies, foreclosure prevention activities and Real Estate Owned (REO)
properties.

 Also noted in the report:

  • Fannie Mae and Freddie Mac completed approximately 129,000 foreclosure prevention actions in the second quarter of 2012, bringing the year-to-date total to 275,100.
  • Nearly half of troubled borrowers who received loan modifications in the second quarter had their monthly payments reduced by more than 30 percent.
  • Approximately 29 percent of loan modifications completed in the second quarter included principal forbearance.
  • Foreclosure starts and foreclosure sales decreased in the second quarter.
  • REO inventory declined for the seventh consecutive quarter as property dispositions continued to outpace property acquisitions during the second quarter.

To view the report in its entirety, please click here.

About Safeguard
Safeguard Properties is the largest privately held field services company in the country. Located in Cleveland, Ohio and founded in 1990 by Robert Klein, Safeguard has grown from a regional preservation company with a few employees  and a handful of contractors performing services in the Midwest, to a national company with more than 1,600 employees. Safeguard is supported by a nationwide network of subcontractors able to perform any requested superintendence, preservation, and maintenance functions, as well as numerous ancillary services in the U.S., the Virgin Islands, and Puerto Rico.

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