Fannie Mae and Freddie Mac completed nearly 66,000 foreclosure prevention actions in the fourth quarter of 2014, which included loan modifications, repayment plans, forbearance plans, short sales, and deeds-in-lieu of foreclosure, according to the FHFA's Q4 2014 Foreclosure Prevention Report. Nearly 41,000 out of those foreclosure prevention actions completed in Q4 were permanent loan modifications, according to FHFA.
Approximately 11 thousand borrowers remained in their homes after agreeing to repayment plans, and about 2,500 received forbearance plans in Q4. The total number of home retention actions during the quarter was approximately 55,000, down slightly from Q3's total of nearly 60,000. Including Q4's total, the GSEs have now completed 3.4 million foreclosure prevention actions since they were taken into conservatorship by the FHFA in September 2008.
Freddie Mac sold nearly 5,400 deeply delinquent non-performing loans with an aggregate unpaid principal balance of $985 million through an auction on March 25, according to an announcement from Freddie Mac on Friday. The loans were sold in three pools, and winning bidder for all three was GCAT Management Services. The loans were an average of about three years delinquent. It is the third deeply delinquent loan sale Freddie Mac has completed in the last eight months and the largest to date.