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GSEs Prevented 121,000 Foreclosures in First Half of 2015

foreclosure-help [1]Fannie Mae [2] and Freddie Mac [3] have combined to help approximately 121,000 homeowners avoid foreclosure through a variety of both retention and non-retention solutions through the first six months of 2015, according to the GSEs' Q2 2015 results released this week.

About 68,000 of those foreclosure preventions were completed by Fannie Mae, with Freddie Mac helping about 53,000 homeowners avoid foreclosure for the first six months of the year.

Year-to-date in 2015 through June 30, Fannie Mae totaled 68,122 single-family total loan workouts, approximately 34,000 of which came during the second quarter. According to Fannie Mae, 56,337 of those workouts were home retention strategies (nearly 53,000 loan modifications and 3,400 repayment plans/forbearances completed), according to Fannie Mae's Q2 earnings report [4] released Thursday.

"Fannie Mae views foreclosure as a last resort," Fannie Mae's report said. "For homeowners and communities in need, the company offers alternatives to foreclosure. In dealing with homeowners in distress, the company first seeks home retention solutions, which enable borrowers to stay in their homes, before turning to foreclosure alternatives."

Non-retention solutions, including short sales and deeds-in-lieu of foreclosure, totaled 11,785 for Fannie Mae year-to-date through the end of June.

Meanwhile, Freddie Mac has helped 53,000 families avoid foreclosure year-to-date for the first half of 2015, according to Freddie Mac's Q2 earnings report [5] released Tuesday. Slightly less than half of those single-family loan workouts (26,000) were completed during Q2. More than half of Freddie Mac's year-to-date foreclosure preventions (30,000) came in the form of loan modifications, with another 16,000 coming in the form of repayment plans or forbearance agreements, bringing the total of retention solutions for the first six months of 2015 up to 46,000.

Another 7,000 borrowers avoided foreclosure through non-retention solutions such as short sales and deeds-in-lieu transactions during the first six months of 2015, according to Freddie Mac.