Industry NewsMortgage

Foreclosure starts hit record high for Fannie, Freddie loans

Total volume of delinquent loans holds steady

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The number of homeowners missing their first payment on their mortgage ticked down slightly from May to June, but the total number of loans in some stage of the foreclosure process remained essentially flat at nearly 2 million, according to statistics collected by Lender Processing Services.Among all loans, 30-day delinquencies were down 1.4 percent from May, to 1.81 million, while 60-day delinquencies rose 2.4 percent to 766,158. LPS data showed declines in both 90-day delinquencies (down 3.9 percent to 2.59 million) and loans in foreclosure (down 0.4 percent to 1.97 million).The total number of non-current loans fell 1.7 percent from May to June, to 7.14 million, up from 6.9 million at the same time a year ago.In releasing number for June, LPS said foreclosure starts among loans guaranteed by Fannie Mae and Freddie Mac have been accelerating and are currently at all-time highs.Foreclosure starts are accelerating along with Home Affordable Modification Program (HAMP) cancellations,...