Mortgage Daily Logo

Freddie Business Falls to Post-Crisis Low

Mortgage News

The last time that secondary activity was this low at Freddie Mac was near the peak of the financial crisis. But the good news is that late payments were lower on home loans.

April issuances and purchases amounted to $23.8 billion, according to monthly operational data from the Federal Home Loan Mortgage Corp.

It was the lowest activity since volume fell to $21.7 billion in January 2009 — four months following the government seizure of Freddie and government-controlled rival Fannie Mae at the height of the financial crisis. The lowest level on record for Freddie was October 2008’s $19.3 billion, based on available monthly data through February 2001.

Volume was $26.9 billion in March and $26.1 billion in April 2010.

McLean, Va.-based Freddie’s total mortgage portfolio fell to $2.1378 trillion from $2.1435 trillion on March 31. A year earlier, the balance sat at $2.2311 trillion.

The April 30 total included an investment portfolio of $0.6867 trillion and outstanding participation certificates of $1.4511 trillion.

It was more good news for new default activity.

The secondary lender said 90-day residential delinquency fell to 3.57 percent as of the end of last month from 3.63 percent at the close of March. The rate was 4.06 percent on April 30, 2010.

On multifamily mortgages, 60-day delinquency was 0.40 percent, worse than 0.36 percent the prior month and nearly double the 0.22 percent level reported for a year prior.

Related Posts

Centex Home Equity Announces Name and Brand Change to National Mortgage, LLC

Third-Quarter 2012 Mortgage Litigation Index

Lawsuits involving excessive fees, servicing fees and loan fees beyond state maximums. Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story Fannie Mae and Freddie Mac Orangeburg County, Richland County, South...

Centex Home Equity Announces Name and Brand Change to National Mortgage, LLC

Net Branch Lawsuits

Litigation involving net branch operations. Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story PHH Mortgage Corp. Mathews Supreme Court of Virginia na Court held that the term "branch office" includes not only...

Centex Home Equity Announces Name and Brand Change to National Mortgage, LLC

Whistleblower Lawsuits

Litigation related to loan servicing, including escrow issues, transfer of servicing and servicing borrowers in bankruptcy and foreclosure.   Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story Bank of...

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming paperwork has been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and furniture need to...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand-new mortgage loan can be a difficult task, especially for first-time homeowners.   After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first...

Newsletter

Don’t worry, we don’t spam