Ex-NFL star sentenced to five years in prison for mortgage fraud

Ex-NFL star sentenced to five years in prison for mortgage fraud

Irving Fryar and his mother convicted of conspiring to steal $1.2M

Experian hacked: 15 million people’s credit data stolen in breach

Credit reporting agency becomes latest victim of data breach

Here's what today's job creation implosion means for housing and mortgage finance

Jobs crater, labor participation rate near 40-year low and zero wage growth

Freddie Mac nonperforming assets grow 33% in 3Q, adds $6.8 billion in REO

Freddie Mac reported $120.1 billion in total single-family nonperforming assets in the third quarter, a 33% increase from the $90 billion reported a year ago. For the quarter, the government-sponsored enterprise reported a $2.5 billion loss, down 53% from a year ago, but it did ask the Treasury for another $100 million. Nonperforming assets also increased 1.8% from the previous quarter. Non-interest expense at Freddie Mac reached $800 million in the third quarter, up 60% from the three months prior. Of that, $337 million Freddie reported as REO expenses. A year ago, REO operations actually gained $98 million in income. In the last quarter, Freddie reported a $40 million income for its REO operations. The expenses in the third quarter reflected higher property write-downs "due to lower estimated REO fair values as well as higher expenses driven by increased REO inventory," according to its financial supplement. Freddie reported $13.5 billion worth of REO in its inventory after repossessing $6.8 billion worth in the third quarter. The GSE calculated the value of the property based on the unpaid principal balance of the loan at the time it repossessed the home. Roughly 35% of this inventory sits in the West, the highest percentage of any region in the country, and 18% of it is located in California, the most of any state. Write to Jon Prior.

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