ABA Banking Journal - 23 March 2017
The number of home loans backed by Fannie Mae and Freddie Mac that are 60 days or more past due or are in the foreclosure process fell in the fourth quarter of 2016 to the lowest level since 2008, according to the Federal Housing Finance Agency’s foreclosure prevention report released today.
Seriously delinquent loans — those that are 90 days or more past due — dropped to 1.1 percent of Fannie and Freddie’s mortgage portfolio after the fourth quarter, the lowest level since the GSEs have been under U.S. conservatorship. By comparison, 4.6 percent of Federal Housing Administration loans were seriously delinquent, and 3.1 percent of all loans were.
The report also documented the GSEs’ efforts to prevent foreclosures, with 45,472 modifications or other actions in the fourth quarter and just over 3.8 million since the conservatorships began.