Fannie Mae beat Freddie Mac by a country mile in the loan modification race by moving borrowers who do not qualify for the government's Home Affordable Modification Program or HAMP into alternative restructuring plans.

Not counting HAMP modifications, Fannie completed 27,700 loan modifications in the third quarter, up 66% from the second quarter. Freddie completed only 9,000 alternative modifications, a 42% decline from the previous quarter.

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