Freddie Mac completed 11,349 loan mods in April
Freddie Mac completed 11,349 loan modifications in April and 46,507 modifications in the first four months of 2011, according to the company's latest monthly volume summary. The government-sponsored enterprises said the seriously delinquent rate of single-family mortgages fell to 3.57% in April, while the multifamily delinquency rate increased to 0.40%. Last year, Freddie was reporting a growth in mortgage delinquencies. The aggregate unpaid balance on all of the GSE's mortgage-related portfolios decreased by approximately $5.3 billion in the latest Freddie report. Meanwhile, total mortgage-related securities and other guarantee commitments decreased at an annualized rate of 2.6% in April. The GSE also reported its single-family, refinance-loan purchase and guarantee volume hit $16.6 billion in April, representing 70% of total mortgage purchases and issuances. The CEO of Freddie Mac, Charles 'Ed' Haldeman said that the GSE would look at a multi-tier strategy for loss-mitigation. This includes mortgage modifications, as well as forbearance, although Haldeman is not a large supporter of principal write downs. Write to: Kerri Panchuk.