Delinquent GSE Mortgages Fall Slightly

The number of home loans backed by Fannie Mae and Freddie Mac that are 60 days or more past due dropped from 1.6 percent to 1.4 percent at the end of the first quarter, 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—also decreased to 1.1 percent of Fannie and Freddie’s mortgage loan portfolio in the first quarter. By comparison, 4.2 percent of Federal Housing Administration loans were seriously delinquent, and 2.6 percent of all loans were.

The report also documented the GSEs’ efforts to prevent foreclosures, with 68,378 modifications or other actions completed in the first quarter and just over 4.1 million since the conservatorships began.