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Fannie, Freddie Boost Loan Modifications

Fannie Mae and Freddie Mac modified nearly 24,000 loans during the fourth quarter of 2008, up 76 percent from the third quarter, according to the Federal Housing Finance Agency’s (FHFA) most recent Foreclosure Prevention Report. These modifications, along with the foreclosure suspensions that began last November, reduced the number of foreclosures by nearly 27 percent during the quarter, the agency says.

“Fewer homeowners are losing their homes as a result of the foreclosure prevention efforts,” said FHFA Director James Lockhart. “We expect the numbers of those getting relief to grow further as the Making Home Affordable program picks up speed in the coming months.”

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