WASHINGTON — One percent of the loans backed by Fannie Mae and Freddie Mac are 90 days or more past due, according to a report issued by the Federal Housing Finance Agency.
The combined portfolios of the two mortgage finance companies had a FICO score of 722. Eighty-three percent of the mortgages were classified as prime. Seventeen percent were nonprime. The GSEs define nonprime mortgages as a FICO score of less than 660.
Workout options for prime borrowers increased from a 2007 monthly average of 2,961 to 4,586–an increase of 1,626 or 55%. Workout options for nonprime borrowers increased from a 2007 monthly average of 4,963 to 7,606 for the first quarter of 2008–an increase of 2,644 or 53%.
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