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4 Months of Higher Delinquency at Freddie

Mortgage News

New secondary business was down Freddie Mac as residential delinquency was higher for the fourth consecutive month. Past-due payments on multifamily loans, however, were better.

Following a 14 percent gain during November, purchases and issuances fell to $30.7 billion in December from the prior months’ $38.1 billion, according to monthly operational data released Wednesday.

Business has plunged from December 2010 when secondary volume was $49.7 billion.

Freddie finished 2011 with $361.0 billion in total purchases and issuances, down from $411.8 billion in 2010.

The McLean, Va.-based company’s total mortgage portfolio was $2.0754 trillion as of Dec. 31, 2011, falling from $2.0929 trillion a month earlier. A year earlier, the balance was $2.1649 trillion.

Last month’s total included an $0.6533 trillion investment portfolio and $1.4221 trillion in outstanding participation certificates.

Residential delinquency of at least 90 days has been worse each of the past four months, climbing to 3.58 percent as of Dec. 31 from 3.57 percent in November. The rate was better, however, than 3.84 percent as of the end of 2010.

Delinquency of at least 60 days on multifamily loans was 0.22 percent last month, improving from 0.28 percent in November 2011 and December 2010.

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