Published On: September 20th, 2012 | Author: Perry Law, P.C. | Category: News Real Estate and Title
The Brookings Institution recently published data regarding mortgages and modifications in The Wall Street Journal on April 11, 2012. According to the story, there are roughly 48,742,000 total loans serviced. Of those, Fannie Mae and Freddie Mac account for 29,045,000, or, roughly 60%. Of the total loans, approximately 3,768,000 are seriously delinquent, or, roughly 8%. What’s surprising is that Fannie and Freddie only account of 1,105,000 of those delinquent loans, or, roughly 29%. Thus, Fannie and Freddie are the largest source of outstanding mortgages, yet, represent a disproportionately low percentage of delinquent mortgages. Lastly, 763,000 of those mortgages have been modified under President Obama’s Home Affordable Modification Program. Of those, 400,000 stem from Fannie and Freddie, representing about 52% of all modifications under the program.
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