According to newly released report from the Federal Housing Finance Agency [FHFA], Fannie Mae (FNM) and Freddie Mac (FRE) completed nearly 32,000 home retention actions in August 2009, a 32% increase from July.
The report, which summarizes mortgage delinquency and foreclosure prevention data for Fannie and Freddie through Aug. 31, 2009, and HAMP (Home Affordable Modification Program) trial modifications through Oct. 31, shows completed loan modifications more than doubled to approx. 17,200 in August.
Nearly 93,400 more loans became 60 days or more delinquent in August, FHFA said.
– Loans 60-plus-days delinquent increased by 61% year-to-date to 1.5 million. Loans that were 30-59 days delinquent increased by 13% to 745,700 in August, from 659,800 in July.
The reports also shows foreclosure starts in August increased 11% compared with July to nearly 94,700, while HAMP trial loan modifications in progress increased to 366,000 in October from 286,000 in September.
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