Freddie Mac delinquency rate up slightly in November, Fannie rate drops
The number of seriously delinquent mortgages held by Freddie Mac rose slightly in November, while the percentage of single-family home loans backed by Fannie Mae that are 90-days or more late fell to the lowest rate in more than a year. Freddie Mac said the rate of single-family home loans more than 90-days delinquent inched up to 3.85% last month from 3.82% in October. The government-sponsored enterprise said the multifamily delinquency rate for November fell to 0.39% from 0.44% a month earlier. For November 2009, the rates were 3.83% for single-family and 0.19% for multifamily. Freddie Mac said the number of home loans in its portfolio that were modified during November reached 8,363 and nearly 155,200 loans have been modified this year. Fannie Mae said the 90-day delinquency rate of single-family mortgages it holds declined to 4.52% in November down from 4.56% in October and 5.29% a year ago. Delinquent multifamily loans rose to 0.71% last month from 0.65% in October and 0.66% last year. The companies were recently named two of the worst-performing stocks of 2010 with drops of 74% and 79% in their share price this year. Freddie Mac and Fannie Mae were delisted from the New York Stock Exchange in June, and their stock now trade at around 32 cents. Write to Jason Philyaw.