The percentage of delinquent mortgages held by Fannie Mae and Freddie Mac ended 2011 below levels seen a year earlier.
The 30-plus-days delinquency rate on single-family homes on Fannie Mae's book fell 0.09 points to 3.91% in December from the previous month after holding steady at 4% for three months, according to its monthly summary. The rate has either fallen or remained constant every month since December 2010 when the single-family delinquency rate was 4.48%
The multifamily serious delinquency fate fell 0.01 point to 0.59% in December from the previous month. The monthly drop was the first in three months. In December 2010, the multifamily delinquency rate stood 0.71%.
Freddie's 90-day single-family delinquency rate held on its books rose to 3.58% in December from 3.57% in the previous month. Since a year earlier, it has fallen from 3.84%. Its multifamily delinquency rate fell to 0.22% in December from 0.28% in the previous month. The rate was 0.26% a year earlier.
Fannie completed 18,355 loan modifications in December, for a total of 213,340 loan modifications in the year ended Dec. 31.
Freddie completed 5,591 loan modifications in the month and 109,174 for the full year.