Delinquent GSE Mortgages Continue to Decline

The number of home loans backed by Fannie Mae and Freddie Mac that are 60 days or more past due or are in the foreclosure process fell 9 percent in the first quarter, following a 3 percent drop in the fourth quarter of 2014, according to the Federal Housing Finance Agency’s foreclosure prevention report released today.

Seriously delinquent loans — those that are 90 days or more past due — dropped to 1.8 percent of Fannie and Freddie’s mortgage portfolio after the first quarter. By comparison, 5.7 percent of Federal Housing Administration loans were seriously delinquent, and 4.2 percent of all loans were.

The report also documented the GSEs’ efforts to prevent foreclosures, with 65,960 modifications or other actions in the first quarter and more than 3.47 million since the GSEs have been under U.S. conservatorship.