WASHINGTON — The good news is that 99% of the loans backed by Fannie Mae and Freddie Mac are performing well. The bad news is that 1% of the loans are 90 days or more past due, according to a report issued by the Federal Housing Finance Agency.
The 30-page report–a first of its kind from the GSEs–details data on 30.4 million first-lien residential mortgages with outstanding balances totaling $4.4 trillion serviced on behalf of Freddie Mae and Fannie Mae from 2007 through first-quarter 2008. The report focuses on the delinquencies, loss-mitigation actions and foreclosure data reported by more than 3,000 approved servicers.
A total of 302,593 mortgages are in the seriously delinquent category of 90 days or more past due.
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