Nearly 6.5 Million Homeowners Aided by Fannie, Freddie Since Conservatorship: FHFA
Originally published on June 28, 2022 by Adam Russell for the Federal Housing Finance Agency.
The Federal Housing Finance Agency (FHFA) today released its first quarter 2022 Foreclosure Prevention and Refinance Report​. The report shows that Fannie Mae and Freddie Mac (the Enterprises) completed 129,779 foreclosure prevention actions during the quarter, raising the total number of homeowners who have been helped to 6,494,057 since the start of conservatorships in September 2008.
The report also shows that 75 percent of loan modifications completed in the first quarter reduced borrowers' monthly payments by more than 20 percent. The number of refinances decreased amid rising mortgage rates from 1,266,043 in the fourth quarter to 899,518 in the first quarter.
The Enterprises' serious delinquency rate declined from 1.19 percent to 0.97 percent at the end of the first quarter. This compares with 5.33 percent for Federal Housing Administration (FHA) loans, 3.15 percent for Veterans Affairs (VA) loans, and 2.39 percent for all loans (industry average).