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  • DOJ planning to sue Moody's over crisis-era mortgage bond ratings

    In the fallout from the financial crisis, many argued that the credit ratings agencies’ competition for business led to ratings shopping among bond issuers and relaxed ratings standards for the ratings agencies themselves. Last year, Standard & Poor's reached a $1.375 billion settlement over just such claims. And now the Department of Justice is taking aim at Moody's Investors Service. Click the headline to read more.

Freddie Mac delinquencies increase for first time since February

Freddie Mac's 90-plus day delinquency rate increased for the first time since February, according to the government sponsored enterprise's monthly summary. The delinquency rate for single-family residences was 3.82% in October, up from 3.8% in September. The delinquency rate for multifamily properties also increased, up to 0.44% in October from 0.35%; however, this is the second consecutive monthly increase in delinquencies on this type of property. One year ago, the delinquency rate for single-family residences backed by Freddie Mac was 3.65% and 0.18% for multifamily properties. That constitutes a 4.6% yearly increase in single-family delinquencies from 2009 and a 144.4% yearly increase in multifamily delinquencies. The 2007 vintage accounts for the most delinquencies, as 0.64% of these loans are between 60- and 90-days delinquent and 0.95% are more than 90-days delinquent. A total of 12,763 loans originated in 2007 are delinquent on Freddie Mac's books. Freddie Mac's most recent weekly mortgage rate survey indicated the rate for a 30-year fixed-mortgage rate increased for the first time in two months, up to 4.39%. Write to Christine Ricciardi.

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