Freddie Mac said loan delinquencies on its portfolio and guarantee book of business rose to 2.01% in May, an 8% uptick from the previous month, but a 229% increase from the same period last year. The increase in delinquencies is not surprising given the deteriorating condition of home values and the rising unemployment rate. Meanwhile, Freddie Mac said it bought $50.2 billion in mortgages during May, a 13% decline from the previous month, and a 23% drop from May 2008. However, purchases are much improved from January and February of this year. In May it issued $43.7 billion in MBS (participation certificates) compared to $51 billion in April. A year ago in May it issued $47.3 billion in PCs.
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