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NEWS RELEASE
• 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.
• Curtailment of income continues to be the largest reason for delinquency, growing from 34
percent in January to 40 percent in May.
• Foreclosure starts in May increased 5 percent compared with April to nearly 90,600 from
processing of non-0wner occupied properties and properties determined to be ineligible for
HAMP.
• Foreclosure and third-party sales increased to 19,300 in May up from 14,200 in April driven by
sales of non-occupied properties, and owner-occupied properties already determined to be
ineligible for HAMP.
###
The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. These
government-sponsored enterprises provide more than $6.3 trillion in funding for the U.S. mortgage markets and
financial institutions.
Federal Housing Finance Agency Foreclosure Prevention Report
May 2009
12% 11.1% 35
12% 10.3%
10% Nonprime 30
# of loans (thousands)
10% 25
8% Nonprime
Other *
8% 20
6% Fannie Mae
4.9% HomeSaver Advance
15
6% 3.9% 4.1%
4% Total Repayment Plans
10
2.7% 2.9%
Total Loan Modifications
4% 1.6% 5
2% Prime Freddie Mac
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Reduce Rate and Extend Term Foreclosure & Third-party Sales Completed
The proportion of loan modifications with both rate Foreclosure sales increased in May from sales of non-
reductions and term extensions fell in May. owner occupied properties and properties determined to
be ineligible for HAMP.
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Federal Housing Finance Agency Foreclosure Prevention Report
May 2009
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Page 3
Federal Housing Finance Agency Foreclosure Prevention Report
May 2009
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