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Freddie & Fannie Loans: 98.6% Are Current
Bill Hitchcock | November 3, 2008 at 10:05 amby
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Freddie & Fannie Loans: 98.6% Are Current Last week the Federal Housing Finance Agency Mortgage Metrics Report was released (10/22/08) by Fannie Mae and Freddie Mac. This quarterly report is a, “Disclosure and Analysis of Fannie Mae and Freddie Mac Mortgage Loan Data”. It “focuses on the delinquencies, loss mitigation actions, and foreclosure data reported by more than 3,000 approved servicers". The main highlight and most important aspect of the report states, "As of June 30, 2008, Fannie & Freddie’s combined first lien residential mortgages totaled 30.6 million loans with outstanding balances of $4.5 trillion. This was an increase of .7 percent in loans over first quarter 2008 (209,500 mortgages). Of the 30.6 million total mortgages, 25.4 million (83 percent) were prime and 5.2 million (17 percent) were nonprime. Those percentages remained relatively unchanged over the reporting period. As of June 30, 2008, 30.2 million of the total loans serviced (98.6 percent) were current or less than 60 days delinquent. (Highlight added by me) The proportion of 60-plus-days delinquent mortgages in the total portfolios was 1.38 percent. The proportion of 60-plus-days delinquent prime mortgages in the prime portfolio was at .78 percent. The proportion of 60-plus-days delinquent nonprime mortgages in the nonprime portfolio was 4.29 percent, or 5.5 times that of prime mortgages.