Thursday, July 15, 2021 10:40:48 AM
(means they keep paying their Bills
) By Bonnie Sinnock -July 14, 2021, 1:43 p.m. EDT
Modifications of loan terms for financial hardships at Fannie Mae and Freddie Mac in April topped 5,000 for the first time since the coronavirus arrived in the United States, according to the Federal Housing Finance Agency’s latest monthly report.
The number of mortgages modified by the two government-sponsored enterprises rose to 5,271 from 4,849 in March and 4,528 in April 2020, the FHFA’s Foreclosure Prevention and Refinance report shows. Monthly modifications at the GSEs were last this high in March 2020 when they totaled 5,570.
The return of more normal modification levels for two key players in the housing finance market could be a lead-up to the wave that’s been anticipated since the coronavirus arrived, and will be key to maximizing the number of distressed borrowers who can keep their homes.
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