Fannie, Freddie Re-Default Modifications Stay Even
July 8, 2011
Mortgages modified by Fannie Mae slightly outperformed those modified by Freddie Mac in the short term while Freddies loans performed moderately better a year after modification, even as the performance of mortgages serviced by the two GSEs improved during the first three months the year, according to the first quarter Mortgage Metrics report issued by the Office of the Comptroller of the Currency and the Office of Thrift Supervision.Fannie loan mods had a 12.5 percent re-default rate three months after modification, while Freddie mods saw a 13.3 percent rate. At the six-month mark, the GSEs tied at 21.4 percent.