FHFA: Foreclosure Preventions Total Nearly 3.3 Million; Delinquencies Down In Second Quarter

The Federal Housing Finance Agency (FHFA) today released a report showing that Fannie Mae and Freddie Mac completed approximately 80,000 foreclosure prevention actions in the second quarter, bringing the total to nearly 3.3 million since the start of the conservatorships in September 2008. These measures have helped about 2.7 million borrowers stay in their homes, including nearly 1.7 million who received permanent loan modifications.

Further detail can be found in FHFA’s quarterly Foreclosure Prevention Report, which also includes data on Fannie Mae and Freddie Mac home retention actions, delinquency data and real-estate owned (REO) inventory. FHFA publishes the report data in an online, interactive Borrower Assistance Map accessible through FHFA.gov.

Also noted in the quarterly report:

• The number of 60+ days delinquent loans declined 5 percent to the lowest level since the start of conservatorships.
• The serious delinquency rate fell to 2.1 percent at the end of the second quarter compared with 6.2 percent for Federal Housing Administration loans, 3.4 percent for Veterans Affairs loans and 4.8 percent for all loans.
• As of June 30, 2014, about 13 percent of loans modified in the second quarter of 2013 had missed two or more payments, one year after modification.
• Approximately 37 percent of all permanent loan modifications helped to reduce homeowners' monthly payments by more than 30 percent in the second quarter.
• Approximately 25 percent of borrowers who received permanent loan modifications in the second quarter had portions of their mortgage balance forborne.
• Approximately 14,500 short sales and deeds-in-lieu were completed in the second quarter, bringing the total to more than 581,400 since the start of the conservatorships.
• Third-party sales and foreclosure sales fell 10 percent to 42,800 while foreclosure starts increased slightly in the second quarter.
• The REO inventory of Fannie Mae and Freddie Mac declined 10 percent during the quarter to approximately 131,500, as property dispositions outpaced property acquisitions.

 To read the full foreclosure prevention report at FHFA.gov, click here.

New Member Reception and Meet the Board THIS Thursday!

New Member Reception sponsored by PestBan

Thursday, September 25th at 8 a.m.

The HBA of Greenville would like to officially welcome you, please join us for new member orientation on Thursday, September 25th beginning at 8 a.m. at the HBA office. The reception will start with a short meeting on what the HBA of Greenville is about and how you can get the most out of your membership and get involved. After which, please stay for a reception with the board of directors and current members of the HBA.
We hope that you will join us!
For more information or to register for this event please contact the HBA office (864) 254-0133.

Call To Action: Waters of the US

On September 9, 2014 the U.S. House passed H.R. 5078, the Waters of the United States Regulatory Overreach Protection Act, by a vote of 262 to 152. H.R. 5078 will halt the EPA and Army Corps of Engineers proposed rule on “waters of the U.S.” and force the agencies to go back to the drawing board to craft a balanced rule that respects both congressional intent and Supreme Court precedent. This legislation is a key priority of the Home Builders Association.

Your Home Builders Association launched a broad-based grassroots call to action for the bill and designated a vote in support of H.R. 5078 as a KEY VOTE. Following this strong, bipartisan vote, your HBA is turning our attention to the Senate to urge the chamber to consider the House-passed bill.

We ask that every member reach out to our Senators and request that they move to pass H.R. 5078. We need to keep the pressure up, especially in light of the upcoming elections. Please see the attached a letter for your use, please feel free to make changes to reflect your specific concerns.