GSEs complete more than 1.6 million foreclosure-prevention actions Government-Sponsored Enterprises, Fannie Mae and Freddie Mac, have completed more than 1.6 million foreclosure-prevention actions since the beginning of conservatorship in the fourth quarter of 2008, with more than half of the actions resulting in loan modifications, according to the Federal Housing Finance Agency’s First Quarter 2011 Foreclosure Prevention & Refinance Report. According to the report, loan modifications declined for the third consecutive quarter, but resulted in larger payment reductions for more homeowners. Additional findings of the report include the following: Total completed foreclosure-prevention actions declined in the first quarter to 171,531 from 208,416 in the previous quarter, primarily driven by decreases in loan modifications and repayment plans. The GSEs’ completed loan modifications decreased to 86,201 from 119,778 during the first quarter. The cumulative total o...
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