Fannie Mae (FNMA)

[Phisherman]

Fannie Mae, Freddie Mac foreclosures slow-regulator
12/16 11:10 AM
NEW YORK, Dec 16 (Reuters) - Fannie Mae and Freddie Mac, the largest providers of funding for U.S. home mortgages, slowed foreclosure starts on delinquent loans for the third straight quarter, their regulator said on Tuesday.
Foreclosure starts as a percentage of loans at least 60 days delinquent declined to 7.12 percent in the third quarter from 7.81 percent in the second quarter, and 8.29 percent in the first three months of 2008, the Federal Housing Finance Agency said in a report.
The two government-controlled companies have pledged to reduce foreclosures that have ripped apart the housing market and are worsening the U.S. economic recession. Methods used include easing payments through loan modifications, short sales and unsecured loans.
Loan modifications by Fannie Mae (FNM:$0.72,00$0.00,000.00%) and Freddie Mac (FRE:$0.7231,$0.0031,0.43%) declined, but loans reinstated by the former's HomeSaver Advance loan program to borrowers jumped to 27,277 last quarter from 16,658 in the second quarter, the FHFA said.
(Reporting by Al Yoon, Editing by Chizu Nomiyama)