Mortgage Daily

Published On: June 26, 2009
Record Delinquency at Freddie as Business Drops$50.2 billion May purchases and issuances

June 26, 2009

By MortgageDaily.com staff

Freddie Mac delinquency has increased each month for the past two years and stands at an all-time high. New business, meanwhile, was down from the prior month and the prior year.

May purchases and issuances were $50.2 billion, according to a monthly volume summary released today. Volume dropped from $58.1 billion in April and $65.1 billion a year prior.

So far this year, business totals $256.2 billion at the McLean, Va.-based secondary lender.

The mortgage portfolio eased slightly from April to end May at $2.228 trillion. The massive portfolio included a mortgage investment portfolio of $0.823 trillion and $1.405 trillion in outstanding participation certificates.

Residential delinquency fell deeper into record territory.

As of May 31, 2009, delinquency of at least 90 days jumped to 2.62 percent from 2.44 percent a month earlier and 0.86 percent a year earlier. Late payments have increased each month since May 2007, when the delinquency rate was a revised 0.40 percent.

Multifamily delinquency of at least 90 days climbed for the fifth consecutive month to 0.12 percent. The April 30 delinquency rate was 0.10 percent, while it was 0.03 percent on May 31, 2008.


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