The FHFA's report reveals that while foreclosure prevention actions have reached over 7 million, foreclosure starts increased by 27% to 22,025, highlighting a troubling trend amidst ongoing efforts.
The FHFA noted that 35% of all loan modifications completed in Q3 led to an average reduction of over 20% in borrowers' monthly payments, indicating significant financial relief.
Despite a slight uptick in the GSEs' serious delinquency rate to 0.53%, it remains lower than other government programs, reflecting the ongoing challenges in mortgage markets.
With a decrease in mortgage rates, refinance volume rose in Q3, but the proportion of cash-out loans declined significantly, suggesting a shift in borrower intentions.
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