Modifications Score Big on FHFA’s Foreclosure Report Card

" The volume of modifications completed by government-sponsored entities (GSEs) Fannie Mae and Freddie Mac rose 76 percent from Q308 to Q408, according to the quarterly Foreclosure Prevention Report issued Wednesday by the Federal Housing Finance Agency (FHFA). The agencies modified nearly 24,000 loans during the fourth quarter, according to the FHFA’s report, which studies the 30.7m first lien residential mortgages serviced on behalf of both GSEs as of year-end ‘08."