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Residential Metrics Strengthen at Freddie

Mortgage News

New business was better last month at Freddie Mac even when compared to the same month last year. While residential delinquency has not increased during any month since the start of 2012, late payments on apartment loans again crept higher.

The secondary lender reported in its monthly operating report that purchases and issuances grew to $30.701 billion last month from the April’s $25.851 billion. May’s activity brought year-to-date volume to $170.565 billion.

Purchases and issuances totaled $23.263 billion during May 2011.

Freddie Mac’s total mortgage portfolio continued contracting, ending last month at $2.01635 trillion. That was less than at the end of April, when the balance was $2.0324 trillion. It was also more than $100 billion diminished from the year-earlier total of $2.1316 trillion.

An $0.5919 trillion investment portfolio combined with $1.4244 trillion in outstanding participation agreements made up the total portfolio.

The McLean, Va.-based company’s 90-day delinquency rate of 3.50 percent on residential loans was a basis point better than April’s rate.

Delinquency of at least 90 days on the general population of residential first mortgages was 6.02 percent in May according to CreditForecast.com, 24 BPS better than April.

Freddie’s home-loan delinquency hasn’t increased since January’s 3.59 percent and was 3 BPS lower than May 2011’s rate.

Multifamily delinquency of at least 60 days was a basis point higher in May at 0.26 percent. But past-due payments on apartment loans were down 12 BPS from the same point last year.

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