Mortgage workouts at Freddie Mac dropped to 14,000 in the first quarter from 35,000 a year ago and 50,000 in mid-2010. The change is attributed to a decrease in seriously delinquent loans to $72.8 billion in the first quarter from $82.1 billion a year earlier and to the transition of borrowers ineligible for HAMP to the new Standard Modification program.
Freddie Mac also reported a jump in the number of modified loans that were current and performing after two years to 68 percent in the first quarter of 2010 versus 56 percent of 2009 workouts.
The author of this article is: realtormag.realtor.org
See the original post at: http://realtormag.realtor.org/daily-news/2012/05/04/freddie-mac-loan-mods-down
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