Things at Ocwen just went from bad to much, much worse

Things at Ocwen just went from bad to much, much worse

Embattled company hit with an avalanche of bad news

Pending home sales surge to highest level in 18 months

Buyer demand boosts sales

Foreclosure: The Movie… (finally!) coming to a screen near you

In new film, neighborhood of foreclosed homes drives man insane
W S

Freddie's Single-Family Mortgages Grow to 4.08% Delinquent

/ Print / Reprints /
| Share More
/ Text Size+
Delinquent mortgages continue to mount at government-sponsored enterprise (GSE) Freddie Mac (FRE). The delinquency rate of Freddie's single-family mortgages grew 5bps from January to 4.08% in February. That's up almost double from 2.13% at the same time last year. The delinquency rate among multifamily mortgages grew 2bps to 0.17%. Freddie announced in February it would buy "substantially all" the 120+ day delinquent single-family mortgages in participation certificate (PC) pools. According to new data (download here), the unpaid principal balance of 30-year fixed-rate mortgages in Freddie's 120+ day delinquency bucket totals $5.8bn. Freddie holds another $1.54bn of adjustable-rate mortgages in its 120+ day delinquent bucket. Freddie's new figures come after sister GSE Fannie Mae (FNM) reported its serious delinquency rate grew to 5.52% in February. Freddie's total mortgage portfolio decreased at an annualized rate of 2.6% in February. Its refinance-loan purchase and guarantee volume remained at $22.6bn, unchanged from January. The new numbers came in a week after Timothy Geithner, secretary of the US Treasury Department, stressed the need of a process that would reform the GSE’s and remove “the umbrella of public protection” before Congress. Write to Diana Golobay. Disclosure: the author holds no relevant investment positions.

Recent Articles by Diana Golobay

Comments powered by Disqus