Fannie Mae and Freddie Mac prevented nearly 80,000 foreclosures nationwide in the second quarter, raising the total number of foreclosures prevented since the start of the conservatorship in September 2008 to 3.3 million, the Federal Housing Finance Agency indicated in its report on foreclosure prevention for the second quarter of 2014 released earlier this week. The measures taken by the two GSEs to prevent foreclosures have helped about 2.7 million borrowers remain in their homes in the last six years, with approximately 1.7 million of those borrowers receiving permanent loan modifications.
The number of delinquent loans more than 60 days past due declined 5 percent quarter-over-quarter, according to FHFA. As of the end of the second quarter, there were approximately 688,000 such loans, the lowest level since the conservatorship began six years ago. The number of seriously delinquent loans, which are loans more than 90 days past due or in foreclosure, fell 2.1 percent at the end of the quarter.
Sources close to the negotiations have confirmed to DS News that Concentric Equity Partners, owners of Mortgage Contracting Services, Asset Management Specialists, and Vacant Property Specialists, has agreed in principle to purchase CoreLogic's Property Preservation and Valuation divisions. The deal is set to be finalized in the coming days and represents the latest in a series of strategic acquisitions for CEP to expand its growing footprint in the field services sector.