Delinquencies Rise Further In October At Freddie Mac
DOW JONES NEWSWIRES
Freddie Mac (FRE) said delinquencies in its mortgage portfolio continued to
rise last month, putting further pressure on the mortgage financier.
It and larger sibling Fannie Mae (FNM) were put into conservatorship a year
ago by the federal government because of fears of mounting losses at the
companies.
Freddie said October delinquencies on single-family residences rose to 3.54%
from 3.33% in September and 1.34% a year earlier.
The report also showed that the unpaid principal balance of Freddie's
mortgage-related investments portfolio fell 1.8% to $770.1 billion. The
portfolio rose at a 0.7% annualized rate in October.
Meanwhile, refinance-loan purchase volume slid to $18 billion from $21.4
billion a month earlier.
Freddie shares were down 2 cents at $1.14 ahead of the news.
-By Kevin Kingsbury, Dow Jones Newswires; 212-416-2354; kevin.kingsbury@
dowjones.com
(END) Dow Jones Newswires
11-24-090856ET
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