Delinquent GSE Mortgages Rise Due to COVID-19

The number of homes backed by Fannie Mae and Freddie Mac that are 60 or more days past due jumped from 0.92% to 4.08% at the end of the second quarter, due to the COVID-19 pandemic and the forbearance programs being offered to the affected borrowers, 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—rise to 2.58% in the second quarter. That figure was less than the seriously delinquent rate for Federal Housing Administration loans (7.96%), Veterans Affairs loans (3.98%) and the overall industry average (4.26%).