09/23/2021 | Press release | Distributed by Public on 09/23/2021 09:15
Washington, D.C. - The Federal Housing Finance Agency (FHFA) today released its second quarter 2021 Foreclosure Prevention and Refinance Report, which shows that Fannie Mae and Freddie Mac (the Enterprises) completed 217,020 foreclosure prevention actions in the second quarter of 2021, bringing the total number of homeowners who have been helped during conservatorships to 6.030 million.
The report also shows that 47 percent of loan modifications completed in the second quarter reduced borrowers' monthly payments by more than 20 percent. The number of refinances decreased from 2.016 million in the first quarter to 1.614 million in the second quarter.
The Enterprises' serious delinquency rate dropped from 2.48 percent to 1.99 percent at the end of the quarter. This compares with 9.48 percent for Federal Housing Administration (FHA) loans, 5.02 percent for Veterans Affairs (VA) loans, and 4.03 percent for all loans (industry average).
Other highlights from the report include:
FHFA's quarterly foreclosure prevention and refinance reports include data on the Enterprises' mortgage performance, delinquencies, and active forbearance plans, as well as forfeiture actions and refinances by state. The data included in these reports are also available on FHFA's website as an interactive Borrower Assistance Map.