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IPFS News Link • Housing

Freddie Mac: Delinquencies Increase Sharply in January

Freddie Mac reported that the rate of serious delinquencies - at least 90 days behind - for conventional loans in its single-family guarantee business increased to 4.03% in January 2010, up from 3.87% in December - and up from 1.98% in January 2009. "Single-family delinquencies are based on the number of mortgages 90 days or more delinquent or in foreclosure as of period end ..." Just more evidence of the growing delinquency problem, although some of these loans may be in the trial modification programs and are still included as delinquent until they are converted to a "permanent mod". If the trial is cancelled, the loan stays delinquent (until foreclosure).