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percent in April. The two mortgage companies, under pressure to help delinquent homeowners get into more affordable also saw loanmodifications decline, according to the Federal Housing Finance Agency. FHFA reports completed loan modificatione fell 12 percent in Aprilto 13,800. The declined in modifications is largely the result of a changeein reporting. Fannie Mae and Freddie Mac both began implementinv the Home Affordable Modification which now requiresa three-month trial period for loan Those modifications are not considered complete until after the trial period The number of mortgages owned or guaranteex by Fannie (NYSE: FNM) and Freddie (NYSE: FRE) at least 60 days delinquent rose from 1.
1 million in Marchb to 1.17 million in April. Total delinquencies reached 3.87 percen of all Fannie and Freddie Mortgagesin April, with 10.33 perceng of nonprime mortgages at least 60 days Foreclosures also rose during the month. FHFA reportss foreclosure and third-party sales increased to 14,200 in April from 9,300 in March, drivenb by sales of non-occupied properties and owner-occupied propertiesa already determined to be ineligibldfor modifications.
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