Federal Housing Finance Agency
Transcript of Federal Housing Finance Agency
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FEDERAL H OUSING FINANCE AGENCY
NEWS RELEASE
For Immediate Release Contact: Corinne Russell (202) 414-6921
August 3, 2009 Stefanie Mullin (202) 414-6376
FHFA Reports Fannie Mae and Freddie MacForeclosure Prevention Efforts for May
Washington, DC Federal Housing Finance Agency Director James B. Lockhart today releasedFHFAs latest Foreclosure Prevention Report detailing actions taken by Fannie Mae and Freddie Mac
to prevent unnecessary foreclosures and keep people in their homes. The report includes loanmodification data under FHFAs Streamlined Modification Program, which was initiated inNovember 2008 but ended in April 2009. This report does not include data on refinancings ormodifications from the Administrations Making Home Affordable Program announced in March2009. The report shows that as of May 31, 2009, of the Enterprises 30 million residentialmortgages:
Completed loan modifications fell for second consecutive month in May to approximately10,400 as the Enterprises continue to focus on implementing the Home Affordable
Modification Program (HAMP). Modifications under the HAMP require a three-month trialperiod for the borrower to demonstrate the ability and willingness to make modifiedpayments. Modifications under HAMP are counted as completed after the three-month trialperiod is completed.
Loan modifications accounted for 47 percent of all completed foreclosure prevention actions inMay. The majority of loans modified in May involved both rate reductions and termextensions.
Completed short sales increased 3 percent in May 2009 to nearly 3,700, more than three timesthe volume one year earlier.
Delinquencies continued to increase as approximately 80,100 more loans became 60 days ormore delinquent in May. Loans 60-plus-days delinquent increased approximately 7 percentin May to 1 3 million
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Foreclosure and third-party sales increased to 19,300 in May up from 14,200 in April driven bysales of non-occupied properties, and owner-occupied properties already determined to beineligible for HAMP.
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The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. Thesegovernment-sponsored enterprises provide more than $6.3 trillion in funding for the U.S. mortga ge ma rkets and
financial institutions.
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60 Days+ Delinquency RatesCredit quality continues to deteriorate...
Total
Prime
Nonprime
0%
2%
4%
6%
8%
10%
12%
39487
3951
6
39547
39577
3960
8
3963
8
3966
9
3970
0
3972
2
3975
3
3978
3
3982
2
3985
3
Fannie Mae
Freddie Mac
Fannie Mae
Freddie Mac
Foreclosure & Third-party Sales Completed
Foreclosure sales increased in May from sales of non-
owner occupied properties and properties determined to
be ineligible for HAMP.
14 13
17 16 1617
15
4 3
29
9
14
19
0
5
10
15
20
25
30
May
-08
Jun-08
Jul-0
8
Aug-08
Sep-08
Oct-0
8
Nov-08
Dec-08
Jan-09
Feb-
09
Mar
-09
Apr-0
9
May
-09
#
ofloans
(thousands
)
* Consists of forbearance plans, charge-offs in lieu, short sales and deeds-in-lieu
Reduce Rate and Extend Term
The proportion of loan modifications with both rate
reductions and term extensions fell in May.
67%70%
73% 75%
62%
0%
20%
40%
60%
80%
Jan-09
Feb-
09
Mar
-09
Apr-0
9
May
-09
Federal Housing Finance Agency Foreclosure Prevention Report
May 2009
60-plus-days Delinquency Rates
Delinquency rates continue to rise.
3.9%Total 4.1%
1.6%2.7% 2.9%
Prime1.0%
4.9%
Nonprime10.3%
11.1%
0%
2%
4%
6%
8%
10%
12%
May
-08
Jun-08
Jul-0
8
Aug-08
Sep-08
Oct-0
8
Nov-08
Dec-08
Jan-09
Feb-
09
Mar
-09
Apr-0
9
May
-09
Foreclosure Prevention Actions Completed
Completed loan modifications and repayment plans fellin May as servicers continue to focus on HAMP.
0
5
10
15
20
25
30
35
May
-08
Jun-08
Jul-0
8
Aug-08
Sep-08
Oct-0
8
Nov-08
Dec-08
Jan-09
Feb-
09
Mar
-09
Apr-0
9
May
-09
#
ofloa
ns
(thousands)
Other *
HomeSaver Advance
Repayment Plans
Loan Modifications
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Federal Housing Finance Agency Foreclosure Prevention Report
May 2009
Loan Modifications CompletedCompleted loan modifications fell for second
consecutive month in May as servicers continue to
focus on HAMP.
10,442
13,787
4,677
0
2,000
4,000
6,000
8,00010,000
12,000
14,000
16,000
18,000
May
-08
Jun
-08
Jul-
08
Aug
-08
Sep
-08
Oct-
08
Nov
-08
Dec
-08
Jan
-09
Feb
-09
Mar
-09
Apr
-09
May
-09
Repayment Plans CompletedCompleted repayment plans fell for third consecutive
month in May as some borrowers were evaluated for
HAMP eligibility.
3,944
4,457
5,504
0
1000
2000
3000
4000
5000
6000
7000
May
-08
Jun
-08
Jul-0
8
Aug
-08
Sep
-08
O
ct-08
Nov
-08
Dec
-08
Jan
-09
Feb
-09
Mar
-09
Apr
-09
May
-09
HomeSaver Advance (Fannie)
fell in April as Fannie Mae continues to deemphasizing
the program.
2,881
5,667
0
2000
4000
6000
8000
10000
12000
14000
May
-08
Jun-08
Jul-0
8
Aug-08
Sep-08
Oct-0
8
Nov-08
Dec-08
Jan-09
Feb-
09
Mar
-09
Apr-0
9
Foreclosure Starts
fell in April due to temporarily suspension of foreclosure
actions while borrower's HAMP eligibility is being
determined.
37,887
85,938
0
10,000
20,000
30,000
40,000
50,000
60,000
70,00080,000
90,000
100,000
May
-08
Jun-08
Jul-0
8
Aug-08
Sep-08
Oct-0
8
Nov-08
Dec-08
Jan-09
Feb-
09
Mar
-09
Apr-0
9
HomeSaver Advance Completed (Fannie)
Completed HSA funding declined in May as Fannie Mae
continues to deemphasize the program.
5,667
3,1822,881
0
2000
4000
6000
8000
10000
12000
14000
May
-08
Jun-08
Jul-0
8
Aug-08
Sep-08
Oct-0
8
Nov-08
Dec-08
Jan-09
Feb-
09
Mar
-09
Apr-0
9
May
-09
Foreclosure Starts
Foreclosure starts increased in May from non-owner
occupied properties and properties determined to be
ineligible for HAMP.
37,887
85,93890,581
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
May
-08
Jun-08
Jul-0
8
Aug-08
Sep-08
Oct-0
8
Nov-08
Dec-08
Jan-09
Feb-
09
Mar
-09
Apr-0
9
May
-09
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Federal Housing Finance Agency Foreclosure Prevention Report
May 2009
Please see glossary on page 8 Page 4
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* Total number of modified loans reported in this table may not tie to the number of modified loans shown in section 2 of the appendix due to timing differences in reporting systems.
Federal Housing Finance Agency Foreclosure Prevention Report
May 2009
Please see glossary on page 8 Page 6
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