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 3 percent in the third quarter of 2015, as the economy improved and home prices continued to rise, 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 1.5 percent of Fannie and Freddie’s mortgage portfolio after the third quarter. By comparison, 5.4 percent of Federal Housing Administration loans were seriously delinquent, and 3.6 percent of all loans were.

The report also documented the GSEs’ efforts to prevent foreclosures, with 54,744 modifications or other actions in the third quarter and nearly 3.6 million since the GSEs have been under U.S. conservatorship.