June 27, 2014

Fannie, Freddie foreclosure actions helped 2.6M

June 30, 2014 – The Federal Housing Finance Agency announced Friday that Fannie Mae and Freddie Mac completed nearly 3.2 million foreclosure prevention actions since the mortgage giants went into conservatorship in 2008.

Approximately 88,800 of those actions occurred in the first quarter, FHFA stated in its release. The agency noted that these actions have helped more than 2.6 million mortgage borrowers stay in their homes, including the 1.6 million who received loan modifications.

This data is noted in the agency's quarterly Foreclosure Prevention Report, along with state data and an interactive map for Fannie Mae and Freddie Mac mortgages.

Lawmakers and the administration have put forth proposals for the wind-down of Fannie and Freddie and changes in the housing finance system. NAFCU is closely monitoring these developments and working to ensure credit unions continued, unfettered access to the secondary mortgage market and fair pricing that recognizes the high quality of credit unions' underwriting.