Fannie Mae and Freddie Mac boosted their loan modifications by 50% in the first two full months after being seized by the government, according to a report their regulator released Friday.
The government-sponsored enterprises' loan modifications for October and November increased 50% from the previous two months, reflecting foreclosure freezes that gave both companies more time to revamp the terms of troubled loans.
"These data reflect the increased commitment of the servicers and the GSEs to help borrowers in trouble modify their loans to keep them in their homes," Federal Housing Finance Director James B. Lockhart said in a press release.
The data was included in a November report detailing loss mitigation efforts by Fannie and Freddie on the 30.6 million residential mortgages they own or guarantee.
The percentage of mortgages 60 or more days past due resulting in foreclosure starts has been steadily dropping, according to the report. The November figure fell 119 basis points from October, to 5.25%. In the first quarter of last year it was 8.29%.
