Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Fannie Freddie made 405K HAMP mods through Nov.
WASHINGTON (1/11/10)--The Federal Housing Finance Agency (FHFA) on Friday reported that Fannie Mae and Freddie Mac refinanced four million loans and performed more than 405,000 trial and permanent loan modifications under the administration’s Home Affordable Modification Program (HAMP) as of November. The FHFA’s Foreclosure Prevention & Refinance Report also reported a 15% drop in foreclosure starts on enterprise loans, with a 14% increase in loan modifications related to enterprise loans, excluding HAMP trial loan modifications. Fannie and Freddie “completed 105,500 foreclosure prevention workouts” during the third quarter of 2009, a 22% increase over the amount completed during the previous quarter, and entered into 278,100 trial modifications under HAMP, a 320% increase over the total recorded during the second quarter of 2009. HAMP trial modifications, which “have become the primary modification type” used by Fannie and Freddie, “provide immediate payment relief to borrowers,” the release said. Additionally, “nearly half of loan modifications completed in the third quarter, excluding HAMP trial modifications, resulted in borrowers’ payments decreasing by over 20%,” according to the report. The FHFA reported a 39% increase in short sales and deeds in lieu during the recently completed quarter, with loans that were more than 60 days behind in their payments also increasing by nearly 20%. For the full FHFA report, use the resource link.
Other Resources

RSS print
News Now LiveWire
Did you ask @CommonwealthCU CEO a fin. question on #heyKaren day? She'll answer #likeaboss http://t.co/2PgZAp9qu0 https://t.co/RySBvM4rBc
2 hours ago
Texans linebacker Cushing continues outreach, spokesman role for @FirstCommCU http://t.co/wIUGhn9okM
6 hours ago
Despite what consumers say, big banks still hold sway over market via @Marketplace http://t.co/ozH69d8soj
8 hours ago
Erie, Pa., Americo FCU CEO praises staff for actions during robbery http://t.co/yyhaPnDtXh
8 hours ago
"Shreditorial" praises good deeds of @DannemoraFedCU http://t.co/06qKe0mhzR
8 hours ago