by Calculated Risk on 8/08/2008 03:01:00 PM

From Bloomberg: Fannie Mae Unsecured Second Loans Often Don't Fix Delinquencies

Fannie Mae's initial attempts to restore delinquent homeowners to on-time payments with unsecured second loans failed 41 percent of the time.

The company purchased 17,901, or $121 million, of ``HomeSaver Advance'' loans through June 30 after it started five months ago to offer the debt to cover borrowers' missed payments ... Of the loans made through May 30, only 59 percent resulted in the associated mortgages being current on June 30 ...