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You are here: Home / Blog / Fannie & Freddie To Help Renters Of Foreclosed Homes

Fannie & Freddie To Help Renters Of Foreclosed Homes

January 20, 2009 By

Freddie Mac & Fannie Mae are preparing a plan that will allow renters who live in bank repossessed properties to stay in their homes. They expect to have the plan completed before their self imposed moratorium on foreclosures expires on January 31st.

The plans were revealed in the letter Federal Finance Housing Agency (FHFA) Director James Lockhart sent to Senator Christopher Dodd, chairman of the Committee on Banking, Housing, and Urban Affairs, accompanying the FHFA’s Foreclosure Prevention Report.

In addition to Freddie Mac’s proposed policy, the letter said Fannie Mae will offer monetary support for tenants that do not want to sign a new lease with the Government Sponsored Entity.

The report, which covers both Fannie Mae and Freddie Mac’s combined 30.6 million residential mortgages it secures, was filed last week, but covers last year through the month of October. It said:

– Loans 60+ days delinquent as a percent of all loans increased from 1.46 percent as of March 31 to 1.73 percent as of June 30 to 2.21 percent as of September 30 and to 2.39 percent as of October 31.

– Loans for which foreclosure was started as a percent of loans 60+ days delinquent declined from 8.29 for the first quarter, 7.81 percent for the second quarter and 7.12 percent for the third quarter to 6.44 percent for October

– Loan modifications completed increased to 5,639 for October from a monthly average of 4,475 for the third quarter – an increase of 26 percent.

– For modifications completed in October, 57.8 percent were modified with an interest rate reduction, and 43.2 percent were completed with a change to another term.

– The loss mitigation ratio for October was 52.6 percent versus a year-to-date monthly average of 54.4 percent. The ration is calculated at the total mitigation activities (payment plans, HomeSaver Advances, loan modifications, short sales, deeds in lieu, assumptions, and charge-offs) divided by the total of loss mitigation activities plus foreclosures completed and third-party sales.

Under the Economic Stabilization Act of 2008, Federal Property Managers, like the FHFA as GSE conservator, are required to report to Congress about the number and type of loan modifications and the number of foreclosures during the reporting period.

Filed Under: Blog, Foreclosure Help, Foreclosure Investing, REO, short sales Tagged With: redding

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