Repayment Plans Dominate Fannie and Freddie Loan Workouts
Fannie Mae and Freddie Mac saw an increase in loan modifications during the fourth quarter, but inferior repayment plans continue to dominate loss mitigation efforts, according to the latest report from the Federal Housing Finance Agency.
A total of 23,777 loan modifications were carried out during the fourth quarter, up from 13,488 in the third quarter, but still rather dismal numbers for the Enterprises’ stable Read more
Hope Now Completed 225,000 Workouts in October
Hope Now, a foreclosure prevention coalition of mortgage servicers, lenders, and housing counselors, carried out 225,000 workouts last month, 13,000 more than the record it set a month earlier.
Since the beginning of the year, roughly 1.7 million foreclosures have “been prevented,” by the alliance, though it has yet to be seen if that will actually hold true over the long term.
The group is on pace Read more