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Fannie Achieves New Workout High.(Federal National Mortgage Association's lending volume in 2000)(Brief Article)(Statistical Data Included)
Fannie Mae announced that it achieved a 53% work out ratio on loan defaults last year, a company record.
Joe Sakole, Fannie Mae's vice president of loss mitigation, said the workout ratio means Fannie Mae was able to help a greater percentage of borrowers experiencing financial difficulty to avoid foreclosure.
Fannie Mae's program, Home Saver Solutions, helps borrowers with repayment plans, modifications, deeds-in-lieu of foreclosure, and pre-foreclosure sales. These kinds of workouts totaled 16,490 last year, surpassing Fannie Mae's acquisitions of real-estate-owned, which totaled 14,351.
Workouts have increased over the last three years from just over 12,000 in 1997, Fannie Mae said. The workout ratio in 1997 was 35%.
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