Debt Stress

Loan Modifications Completed, Fannie Mae and Freddie Mac Loans

Permanent loan modifications Fannie Mae and Freddie Mac completed each month

What is the current Loan Modifications Completed, Fannie Mae and Freddie Mac Loans reading?

FANNIE MAE AND FREDDIE MAC LOAN MODIFICATIONS
7K
permanent loan modifications completed that month
May 2025
8K
down 993 from a year earlier

Fannie Mae and Freddie Mac completed 6,616 permanent loan modifications in May 2026, 993 fewer than a year earlier. A loan modification changes a mortgage's terms, such as the rate or the length, for borrowers who are behind or at risk of default. The count covers only the two companies' single-family loans. Source: Federal Housing Finance Agency, Foreclosure Prevention and Refinance Report.

Measurement basis: Number of permanent loan modifications Fannie Mae and Freddie Mac completed in the calendar month (FHFA: Completed, Loan Modifications, which includes HAMP permanent modifications). A modification changes the loan's terms (rate, term or principal forbearance) for borrowers who are behind or at risk of default. A monthly count from the Highlights page of FHFA's Foreclosure Prevention and Refinance Report. FHFA's quarterly editions print only quarter totals, which are never used as a month; a month with no monthly figure is left out.

Fannie Mae and Freddie Mac completed 6,616 loan modifications in May 2026, 993 fewer than a year earlier.

A loan modification changes the terms of a mortgage for good, such as the interest rate or the length of the loan, for borrowers who are behind or at risk of default. The Federal Housing Finance Agency counts the modifications Fannie Mae and Freddie Mac complete each month. In May 2026 they completed 6,616, down from 7,609 in May 2025.

More modifications can mean more borrowers got help, or that more of them needed it. The count alone does not say which, so read it beside Serious Delinquency Rate, Fannie Mae and Freddie Mac Loans and Foreclosure Starts, Fannie Mae and Freddie Mac Loans.

The count covers only single-family loans that Fannie Mae or Freddie Mac own or guarantee, not FHA, VA or bank-portfolio loans. FHFA's quarterly editions print only three-month totals, so a month that no monthly edition covers is left out of the chart rather than estimated from the quarter.

Source: Federal Housing Finance Agency, Foreclosure Prevention and Refinance Report · Source data ↗ · Latest: May 2026
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Explore Further

🛟 Behind on Your Mortgage? → 📖 What Is Loan Modification? → 📖 What Is Loss Mitigation? →

Loan Modifications Completed, Fannie Mae and Freddie Mac Loans over time: what has changed?

CSV Chart
Loan modifications completed on Fannie Mae and Freddie Mac loans, by month
Loan modifications completed per month, Fannie Mae and Freddie Mac, FHFA Foreclosure Prevention and Refinance Report
Loan Modifications Completed, Fannie Mae and Freddie Mac Loans
Data: Federal Housing Finance Agency, Foreclosure Prevention and Refinance Report Updated Oct 2026

Counties with the highest delinquency scores

These are delinquency scores from our County Distress Index, not county readings of Loan Modifications Completed, Fannie Mae and Freddie Mac Loans.

1 Coahoma County MS 99.5 2 Leflore County MS 99.4 3 Washington County MS 99.3 4 Williamsburg County SC 99.2 5 Clayton County GA 99.2 6 Yazoo County MS 98.6 7 Dillon County SC 98.5 8 Sunflower County MS 98.5 9 Dallas County AL 98.2 10 Marlboro County SC 98.1
Explore all 3,144 counties →
Historical data
Monthly · Federal Housing Finance Agency, Foreclosure Prevention and Refinance Report
Period Value YoY Change
May 2026 7K -1K
Apr 2026 7K -1K
Mar 2026 7K 0
Feb 2026 6K +1K
Jan 2026 7K +1K
Dec 2025 7K +2K
Nov 2025 6K +1K
Oct 2025 7K +1K
Sep 2025 6K +1K
Aug 2025 7K +1K
Jul 2025 8K +2K
Jun 2025 8K +2K

Frequently Asked Questions

What is a loan modification?

A permanent change to a mortgage's terms, such as a lower interest rate, a longer loan or part of the balance set aside, made for borrowers who are behind or at risk of default. FHFA counts the permanent ones, in the month each is completed.

Does a bigger count mean more households are in trouble?

Not on its own. More modifications can mean more borrowers got help or that more needed it. The serious delinquency rate and foreclosure starts on the same loans show the other side.

Why is a month missing from the chart?

FHFA's quarterly editions print only three-month totals, so a month that no monthly edition covers is left out of the chart rather than estimated from the quarter.

Where does this data come from?

The Federal Housing Finance Agency's Foreclosure Prevention and Refinance Report, which FHFA publishes as a PDF with no release calendar: a monthly edition for eight months of the year and a quarterly edition for March, June, September and December. We read the Highlights table of each new edition with an automated parser and check every number against the PDF's own text before it is saved.

Ross Kilburn
Written by

Ross Kilburn, Founder

Former COO of Ark Law Group, a foreclosure defense firm serving five states · founder of Seattle Short Sales · author of Short Sale Your Home
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Ross Kilburn is the former COO of Ark Law Group, a foreclosure defense firm serving five states. He founded Seattle Short Sales, wrote Short Sale Your Home, and worked as a mortgage loan originator and real estate agent. He founded American Default Research in 2026.

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Sources and methodology

American Default Research tracks 105 live indicators of household financial distress, including this one. The methodology page explains where each comes from, how often it updates and how the index uses it.
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