Fannie Mae, Freddie Mac Prevent 129,000 Foreclosures In Second Quarter

Government-sponsored mortgage giants Fannie Mae and Freddie Mac helped prevent 129,000 foreclosures in the second quarter of 2012, the Federal Housing Finance Agency reports. Fannie and Freddie have now completed more than 275,000 foreclosure prevention efforts this year thanks to the Home Affordable Modification Program (HAMP) and other housing programs, HousingWire reported Wednesday. Nearly 30 percent of the actions included some form of principal forgiveness. The two mortgage giants have now completed more than 2.4 million foreclosure prevention efforts since September 2008. But HAMP has still fallen well short of its goals.