Loan Modifications Decrease Payments over 20 Percent

[Jennifer Griner]

In its third quarter, Fannie Mae and Freddie Mac implemented 405,700 trial and permanent loan modifications under the administration’s Home Affordable Modification Program (HAMP) and refinanced 4 million loans, according to Foreclosure Prevention & Refinance Report, the Federal Housing Finance Agency (FHFA).

Nearly half of the modifications resulted in borrowers’ payment decreasing by over 20 percent. In addition, loans modified in recent quarters performed slightly better six months after modification than did earlier modification. Short sales and deeds in lieu increased by 39 percent to 17,400.

In addition to refinancing 4 million loans, Fannie Mae and Freddie Mac refinanced more than 155,700 loans...Read more.


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