Report: GSE foreclosure prevention actions decrease in Q3

The Federal Housing Finance Agency today released its third quarter 2023 Foreclosure Prevention and Refinance Report, which includes data on mortgage performance, delinquencies and active forbearance plans, as well as forfeiture actions and refinances by state.

According to the report, Fannie Mae and Freddie Mac completed 43,356 foreclosure prevention actions during the quarter, raising the total number of homeowners who have been helped to 6,861,827 since the start of conservatorships in September 2008. There were 47,370 foreclosure prevention actions during Q2.

Thirty-three percent of loan modifications completed in Q3 reduced borrowers’ monthly payments by more than 20%. The number of refinances decreased from 93,952 in Q2 to 83,522 in Q3. The serious delinquency rate declined to 0.54% at the end of Q3. This compared with 3.34% for Federal Housing Administration loans, 1.99% for Veterans Affairs loans, and 1.52% for all loans.