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Fannie Assists 110,000 Borrowers.(Brief article)
Washington -- Noting that 1.5 million U.S. homeowners faced foreclosure proceedings last year, Fannie Mae says it either refinanced or worked out a delinquency for 110,000 subprime mortgage borrowers last year.
Nearly 68,000 of those subprime borrowers were refinanced into prime-rate loans, the company said. The company provided $13 billion in financing for subprime borrowers. About 42,000 additional subprime borrowers received repayments, modifications, deferrals and other loss mitigation to keep them in their homes. Loan workouts are running at a pace of 840 a week, Fannie Mae said.
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Source: HighBeam Research, Fannie Assists 110,000 Borrowers.(Brief article)