Less than 4% of single-family loans are delinquent: Freddie CEO

by KERRI PANCHUK –Housingwire.com

Freddie Mac Chief Executive Officer Ed Haldeman said less than 4% of the government-sponsored enterprise’s single-family home loans are at least three payments behind or heading into foreclosure.

Haldeman made that statement in an article he authored, "Three little-known facts about Freddie Mac delinquencies."

Haldeman said less than 1% of the firm’s multifamily portfolio is classified as delinquent.

"It’s among the lowest. The seriously delinquent rate for the industry as a whole was about 9% at the end of 2010," Haldeman wrote. "And the rate for subprime mortgages was approximately 27% – seven times higher than Freddie Mac’s. On the multifamily side, the delinquency rate for banks and thrifts was slightly more than 4% – about 16 times higher."

Haldeman said the GSE saved 275,000 distressed loans last year, adding that the firm primarily operates as a buyer of 30- and 15-year, fixed-rate mortgages.

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