Although Freddie Mac is beginning to see some relief from residential delinquencies, its multifamily portfolio continues to worsen. According to a new SEC filing, the GSE now holds or guarantees $622 million of nonperforming apartment loans, almost double the amount of a year ago. At the end of March, its multifamily loss reserve was $842 million, compared to $275 million in 1Q09. Even though late payments on these loans have increased, Freddie's 60- and 90-day delinquencies on multifamily were 0.24%, and 0.18%, respectively, far below the industry wide single family delinquency rate of 11%.
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