Some 302,593 mortgages backed by Fannie Mae and Freddie Mac (1% of all the notes they guarantee) are 90 days or more past due, placing them in the "seriously delinquent" category. According to new figures released by the Federal Housing Finance Agency, Fannie and Freddie together have 30.4 million loans in their guarantee portfolio. In testimony Thursday before the House Financial Services Committee, Freddie Mac's new chief executive, David Moffett, said his company has increased the financial incentive it pays seller/servicers to participate in a new Mass Modification program for troubled borrowers. Mr. Moffett maintains that the company will help 82,000 borrowers avoid foreclosure this year.
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