FHFA Announces More Than 3 Million Homeowners Helped
On December 23, the Federal Housing Finance Agency (FHFA) released an update titled FHFA Announces Milestone: More Than 3 Million Homeowners Helped by Foreclosure Prevention Programs.
FHFA Announces Milestone: More Than 3 Million Homeowners Helped by Foreclosure Prevention Programs
Washington, DC – The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac have reached a significant milestone, completing more than 3 million foreclosure prevention actions since the start of conservatorship in September 2008. FHFA noted this milestone in its third quarter Foreclosure Prevention Report (also known as the Federal Property Manager’s Report), which details results of foreclosure prevention programs.
Helping families avoid foreclosure through loan modification and other programs has been a priority of the agency and is one of the key goals of FHFA’s Strategic Plan for Enterprise Conservatorships.
“Three million completed foreclosure prevention actions is a significant achievement,” said FHFA Acting Director Edward J. DeMarco. “It represents real assistance to homeowners, improved stability for their communities, and has produced meaningful savings for taxpayers. I am grateful for the persistent effort of everyone at FHFA, Fannie Mae, and Freddie Mac, who have contributed to reaching this milestone.”
Foreclosure prevention activities generally fall into two broad categories: home retention actions and foreclosure alternatives. The former includes loan modifications through the Home Affordable Modification Program (HAMP) and other non-HAMP modification programs, forbearance plans and repayment plans. The latter includes deeds-in-lieu of foreclosure, streamlined modifications and short sales.
The more than 3 million foreclosure prevention actions completed since the start of the conservatorships have helped roughly 2.5 million borrowers stay in their homes through loan modifications and other actions. In addition, over 500,000 borrowers avoided foreclosure through short sales or deeds-in-lieu.
Please click here to view the update in its entirety.
Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders, and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally. Website: www.safeguardproperties.com.