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%.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.