GSEs' Foreclosures Outnumber Modifications More than 2 to 1 in Q3
For every home loan held by Fannie Mae and Freddie Mac that was modified during the third quarter, 2.3 loans were foreclosed on during the same period.
The GSEs’ regulator, the Federal Housing Finance Agency (FHFA), released its quarterly foreclosure-prevention report to Congress on Tuesday. The document showed that together, Fannie and Freddie initiated foreclosure on 339,000 home mortgages during the July to September timeframe. Loan modifications completed in the quarter totaled 146,500.
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