Freddie Mac Averaging 11k Loan Mods per Month in 2011

July 27, 2011 (Jeff Alan)

Freddie Mac has completed 66,207 loan modifications, an average of 11,305 per month, in the first half of 2011 according to the recently released Monthly Volume Summary for June 2011. The government sponsored enterprise (GSE) completed 10,809 loan modifications in June, up from 8,891 in May.

The delinquency rate for single-family homes in Freddie Mac’s portfolio decreased to 3.50 percent from 3.57 percent in May. A year ago the delinquency rate for single-family homes was 3.96 percent.

Delinquency rates for multi-family dwellings also decreased to 0.31 percent in June. The delinquency rate in May was 0.38 percent and the rate in June of last year was 0.22 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 1.7 percent from May to June as their total holdings decreased from $2.132 trillion to $2.129 trillion.

Single-family refinance loan purchase and guarantee volume was $14.0 billion in June, reflecting 53 percent of total mortgage purchases and issuances.

Tags: Freddie Mac, Monthly Volume Report, single-family homes, delinquency rates, multi-family dwellings, mortgage portfolio, loan modifications

Source:
Freddie Mac