Delinquencies on single-family loans guaranteed by Freddie Mac
fell to 4.13 percent in March, down from 4.20
percent in February. It's the first monthly decline reported by the McLean, Virginia-based
mortgage giant since April 2007, and some say a sign that efforts to improve
loan performance are finally gaining ground. "The decrease was driven by a higher volume of completed loan modifications
as well as higher short sale volume during the month," Michael Cosgrove, a
spokesman for Freddie Mac, explained to Reuters.The GSE's multifamily delinquency rate also dropped slightly. In March,
overdue multifamily mortgages were 0.24 percent, compared to 0.25 percent
the month before. The aggregate unpaid principal balance of Freddie Mac's mortgage-related
investments portfolio was $753.3 billion at the end of March, up from $732.2
billion in February.The company explained that this growth was largely related to purchases of
loans from mortgage-backed securities holders, which began in February, when
the
GSE announced that it would buy back more
than $71 billion in delinquent loans from mortgage pools it had sold to
investors. Freddie Mac's total mortgage portfolio decreased at an annualized rate of
9.1 percent in March.
fell to 4.13 percent in March, down from 4.20
percent in February. It's the first monthly decline reported by the McLean, Virginia-based
mortgage giant since April 2007, and some say a sign that efforts to improve
loan performance are finally gaining ground. "The decrease was driven by a higher volume of completed loan modifications
as well as higher short sale volume during the month," Michael Cosgrove, a
spokesman for Freddie Mac, explained to Reuters.The GSE's multifamily delinquency rate also dropped slightly. In March,
overdue multifamily mortgages were 0.24 percent, compared to 0.25 percent
the month before. The aggregate unpaid principal balance of Freddie Mac's mortgage-related
investments portfolio was $753.3 billion at the end of March, up from $732.2
billion in February.The company explained that this growth was largely related to purchases of
loans from mortgage-backed securities holders, which began in February, when
the
GSE announced that it would buy back more
than $71 billion in delinquent loans from mortgage pools it had sold to
investors. Freddie Mac's total mortgage portfolio decreased at an annualized rate of
9.1 percent in March.
via Ping.fm
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