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Freddie Mac completed 11,349 loan mods in April

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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.

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