Freddie Mac Loan Modifications Up Slightly in October

Freddie Mac Loan Modifications Up Slightly in October

MCLEAN, VA - The total number of monthly loan modifications completed by Freddie Mac increased 0.2 percent in October, the first increase since June, according to the recently released Monthly Volume Summary.

Freddie Mac completed a total of 6,571 loan modifications in October, up from 6,465 in September, the previous low for the year. For the eight months ending October 30, 2011, Freddie Mac has completed 96,697 loan modifications, an average of 9,670 loan modifications per month.

The delinquency rate for single-family homes in Freddie Mac’s portfolio increased for the second consecutive month to 3.54 percent from 3.51 percent in September. A year ago the delinquency rate for single-family homes was 3.82 percent.

Delinquency rates for multi-family dwellings in October declined to 0.31 percent from 0.33 percent in September. The delinquency rate in October of last year was 0.39 percent.

Single-family delinquencies are based on the number of mortgages 90 days or more delinquent or in foreclosure as of period end while multifamily delinquencies are based on the unpaid principal balance of mortgages 60 days or more delinquent or in foreclosure as of period end.

Freddie Mac’s total mortgage portfolio decreased at an annualized rate of 5.2 percent from September to October as their total holdings decreased from $2.114 trillion to $2.105 trillion.

Single-family refinance-loan purchase and guarantee volume was $24.1 billion in October, reflecting 72 percent of total mortgage purchases and issuances. That was an increase from $19.5 billion in September.

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.

Source: Freddie Mac / #Multifamily #Finance

More Stories

Get The Newsletter

Get The Newsletter

The latest multifamily industry news delivered to your inbox.