Loan mods are up, for what that's worth
When foreclosure activity slowed toward the end of last year, loan modifications increased, according to theFederal Housing Finance Agency, which oversees the huge government-controlledmortgage buyers Fannie Mae and Freddie Mac. The agency said that Fannie and Freddie modified the terms of nearly 24,000 loans during the fourth quarter of 2008. That was a 76% increase over the third quarter, according to James B. Lockhart, director of the agency.
The figures were contained in a quarterly report on foreclosure prevention by Lockhartâ€™s agency. You can read the full report here.
Lockhart also said that the number of foreclosures during the quarter fell by nearly 27%. But he noted that various federal and state moratoriums on repossessing homes played a big role in that statistic. Those moratoriums are now expiring, causing foreclosures to shoot sharply higher once again.
-- E. Scott Reckard