The government-sponsored enterprises (GSEs) completed 166,942 foreclosure prevention actions in August, according to new data from the Federal Housing Finance Agency (FHFA).
Fannie Mae and Freddie Mac performed 3,599 permanent loan modifications in August, with 23% of these transactions being modifications with principal forbearance. Modifications with extend-term accounted for 61% of all loan modifications during the month.
The FHFA also reported that the number of borrowers who received payment deferrals after completing a COVID-19 related forbearance plan dropped from 108,492 in July to 60,364 in August. Initiated forbearance plans slid from 88,989 in July to 77,546 in August, a 13% decline, while the total number of loans in forbearance plans decreased from 1,263,980 at the end of July to 1,147,033 at the end of August, representing approximately 4% of the total loans serviced and 82.1% of the total delinquent loans. There were 308 short sales and deeds-in-lieu of foreclosure completed