Tuesday, September 29, 2009

Fannie Mae Serious Delinquency Rate increases Sharply

by Bill McBride on 9/29/2009 10:33:00 AM

Here is a hockey stick graph ...

Fannie Mae Seriously Delinquent Rate Click on graph for larger image in new window.

Fannie Mae reported that the serious delinquency rate for conventional loans in its single-family guarantee business increased to 4.17 percent in July, up from 3.94 percent in June - and up from 1.45% in July 2008.

"Includes seriously delinquent conventional single-family loans as a percent of the total number of conventional single-family loans. These rates are based on conventional single-family mortgage loans and exclude reverse mortgages and non-Fannie Mae mortgage securities held in our portfolio."

Just more evidence of some shadow inventory and the next wave of foreclosures.

Update: These stats include Home Affordable Modification Program (HAMP) loans in trial modifications.

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