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 1.4 percent to 1.2 percent at the end of the second 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 — decreased to 0.91 percent of Fannie and Freddie’s mortgage loan portfolio in the second quarter. By comparison, 3.9 percent of Federal Housing Administration loans were seriously delinquent, and 2.3 percent of all loans were.

The report also documented the GSEs’ efforts to prevent foreclosures, with 70,945 modifications or other actions completed in the second quarter and nearly 4.2 million since the conservatorships began.