Fannie Mae and Freddie Mac loan modifications and refinancings showed substantial increases in 1Q10, according to the Federal Housing Finance Agency’s (FHFA) Foreclosure Prevention & Refinance report.
The FHFA attributed the increases to the Home Affordable Modification Program (HAMP) and to the Home Affordable Refinance Program (HARP). HAMP's volume of permanent modifications tripled while HARP encouraged a steady growth in refinancings.
The report included data on all of the foreclosure prevention activities undertaken by the GSEs, which were up 75% to 239,000.
Permanent modifications through HAMP tripled to 136,000, up from 43,000 in 4Q09. More than 448,000 borrowers were in a HAMP trial modification at the end of March.
HARP finance volume also jumped to 291,600 from 190,180, a 53% increase for the quarter . Additionally, for the first time in two years, loans 60-plus days delinquent declined.