From the FHFA: Washington, DC – Federal Housing Finance Agency  Director James B. Lockhart today released FHFA’s latest Foreclosure Prevention Report detailing actions taken by Fannie Mae and Freddie Mac to prevent unnecessary foreclosures and keep people in their homes. The report includes loan modification data under FHFA’s Streamlined Modification Program, which was initiated in November 2008 but ended in April 2009.

This report does not include data on refinancings or modifications from the Administration’s Making Home Affordable Program announced in March
2009. The report shows that as of May 31, 2009, of the Enterprises’ 30 million residential mortgages:

• Completed loan modifications fell for second consecutive month in May to approximately 10,400 as the Enterprises continue to focus on implementing the Home Affordable Modification Program (HAMP). Modifications under the HAMP require a three-month trial
  period for the borrower to demonstrate the ability and willingness to make modified payments. Modifications under HAMP are counted as completed after the three-month trial period is completed.
• Loan modifications accounted for 47 percent of all completed foreclosure prevention actions in May. The majority of loans modified in May involved both rate reductions and term extensions.
• Completed short sales increased 3 percent in May 2009 to nearly 3,700, more than three times the volume one year earlier.
• Delinquencies continued to increase as approximately 80,100 more loans became 60 days or more delinquent in May. Loans 60-plus-days delinquent increased approximately 7 percent in May to 1.3 million.

Read more Of this report from the FHFA

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