Delinquent GSE Mortgages Fall in Q1

The number of home loans backed by Fannie Mae and Freddie Mac that are 60 or more days past due fell from 1.08% to 1.03% 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—decreased to 0.71% of Fannie and Freddie’s mortgage loan portfolio in the first quarter. By comparison, 3.45% of Federal Housing Administration loans were seriously delinquent, and 1.96% of all loans were.

The report also documented the GSEs’ efforts to prevent foreclosures, with 38,968 modifications or other actions completed in the first quarter and more than 4.3 million since the conservatorships began.