FHFA assisted nearly 44,000 troubled homeowners in Q4 2023

Key Takeaways:

– Fannie Mae and Freddie Mac completed 43,903 foreclosure prevention actions in Q4 2023
– In 2023, the GSEs completed a total of 192,897 foreclosure prevention actions
– 2.682 million of the actions were permanent loan modifications
– 3.519 million actions allowed troubled borrowers to stay in their homes
– 704,915 actions were short sales and deeds-in-lieu procedures
– Delinquency rates increased slightly in Q4 2023
– Serious delinquency rate for GSEs was 0.55% in Q4
– REO inventory decreased slightly to 10,902 in Q4
– Refinance volume declined in Q4 due to rise in mortgage rates
– FHFA mortgage rates averaged 6.82% in December


Fannie Mae and Freddie Mac completed 43,903 foreclosure prevention actions in the fourth quarter of 2023, according to a new report published by the Federal Housing Finance Agency (FHFA).

Over the course of 2023, the government-sponsored enterprises (GSEs) completed 192,897 foreclosure prevention actions. This brought the total to 6.905 million since the start of the GSE conservatorships in September 2008, the FHFA foreclosure prevention and refinance report showed.

Of these actions, 2.682 million have been permanent loan modifications and 3.519 million actions have been other forms of assistance that allowed troubled borrowers to stay in their homes. 

A total of 704,915 of the actions have been short sales and deed-in-lieu procedures, which result in borrowers leaving their homes without going through the foreclosure process. 

The number of completed short-sale and deeds-in-lieu transactions in Q4 2023 totaled 134, a decrease of 12% compared to the previous quarter.

“The foreclosure alternatives help to reduce the severity of losses resulting from a borrower’s default and minimize the impact of foreclosures on borrowers, communities and neighborhoods,” the report stated.

Loan modifications dropped from 14,363 in Q3 to 12,758 in Q4, an 11.2% decline. Of the total number of modifications, about 31% in the fourth quarter reduced a borrower’s monthly payments by more than 20%. 

Meanwhile, the 60-day delinquency rate increased to 0.77% at the end of the fourth quarter, up from 0.73% in the previous quarter. And the GSEs’ serious delinquency rate (defined as 90 or more days delinquent or loans in the process of foreclosure) marginally increased to 0.55% at the end of the fourth quarter, compared to 0.54% in Q3.

By comparison, the serious delinquency rate for Federal Housing Administration (FHA) loans was 3.42% in Q4 2023. The rate for U.S. Department of Veterans Affairs (VA) loans was 2.01% and the industrywide average for all loans was 1.52%.

The GSEs’ real estate-owned (REO) inventory decreased slightly to 10,902 in Q4, down from 11,019 in Q3 as REO dispositions outpaced acquisitions, the report noted.

The total number of REO property acquisitions declined 6% to 1,475, while disposition fell slightly to 1,567 during the fourth quarter. 

A rise in mortgage rates in the fourth quarter led total refinance volume to decline to 71,378 loans, down from 83,522 in Q3 2023. FHFA mortgage rates averaged 7.62% in October and remained elevated in November before falling to an average of 6.82% in December.

“The percentage of borrowers refinancing into shorter term 15-year mortgages continued at 8% in December. The average interest rate savings of a 15-year mortgage over a 30-year mortgage has been higher in 2021 through 2023 compared to previous years,” according to the report. 

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Property Chomp’s Take:

is a fundamental element in web development, often used to structure and organize content on a webpage. Essentially, a

is a container that groups together various elements like text, images, links, and more, allowing developers to style and manipulate them collectively.

In the realm of real estate and finance, entities like Fannie Mae and Freddie Mac utilize

elements to present important data and reports on their websites. For instance, a recent report published by the Federal Housing Finance Agency (FHFA) highlighted the foreclosure prevention actions undertaken by Fannie Mae and Freddie Mac in the fourth quarter of 2023.

According to the report, the GSEs completed a total of 43,903 foreclosure prevention actions during this period, bringing the total to 6.905 million since the start of their conservatorships in 2008. These actions include permanent loan modifications, short sales, deed-in-lieu procedures, and other forms of assistance aimed at helping troubled borrowers stay in their homes.

The use of

elements in presenting this data allows for a structured and organized display of information, making it easier for stakeholders to understand and analyze the findings. By grouping related content within

containers, developers can apply styling, formatting, and interactive features to enhance the user experience.

Furthermore, the report also highlighted key metrics such as delinquency rates, loan modifications, refinance volumes, and REO inventory. By utilizing

elements to organize these metrics into distinct sections, the report becomes more visually appealing and user-friendly.


elements play a crucial role in web development, allowing developers to create well-structured and visually engaging webpages. In the context of financial reports and data presentations,

containers help organize and present complex information in a clear and concise manner, enhancing readability and user engagement.