Delinquencies on GSE Mortgages Tick Up in Wake of Hurricanes

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 ticked up in the third quarter of 2017, due in large part to the effects of hurricanes Harvey, Irma and Maria in Texas, Florida and Puerto Rico, 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 — remained flat at 0.95 percent at the end of the third quarter. By comparison, 3.9 percent of Federal Housing Administration loans were considered seriously delinquent, and 2.5 percent of all loans were.

The report also documented the GSEs’ efforts to prevent foreclosures, with 41,465 modifications or other actions in the third quarter and just under 4 million since the conservatorships began.