Home Loan Delinquencies Rise At Freddie Mac

by admin ~ January 27th, 2010.

Freddie Mac said delinquencies in its mortgage portfolio continued to rise last month, putting further pressure on the mortgage giant.  It and larger sibling Fannie Mae were put into conservatorship in September 2008 by the federal government amid fears of mounting losses at the companies. Home loan modifaction plans continued to flood the mortgage market.  The Home Affordable Refinance Program is reportedly helping homeowners refinance even if they have a mortgage that is higher than their home’s value.

Freddie said December loan delinquencies on single-family residences rose to 3.87% from 3.72% in November and 1.72% a year earlier.   The report also showed that the unpaid principal balance of Freddie’s mortgage-related investments portfolio fell 0.9% during the month to $755.3 billion. The portfolio rose at a 5.7% annualized rate in December.

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Meanwhile, refinance loan and home purchase volume rose to $27.3 billion from $19.3 billion a month earlier.   Freddie shares closed at $1.21 and were inactive after-hours. The stock has doubled the past year.

Category: Foreclosure news, Home Affordable Refinance Program, foreclosure prevention, home loan modification | Tags:

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