Nearly 5% of Fannie Mae Single-Family Loans 90+ Days Late

The serious delinquency rate of Fannie Mae's single-family loans nearly hit 5% at the end of October and its loan performance is deteriorating at a rate of 100 basis points per four-month period. Fannie reported Tuesday that 4.98% of its conventional single-family loans are 90 days or more past due, up from 3.94% in June. On a month-to-month basis, the serious delinquency rate rose 26 basis points in October. The government-sponsored enterprise has $2.8 trillion in conventional loans. The serious delinquency rate does not include loans in private-label securities held by Fannie. Meanwhile, Fannie issued $40.4 billion in mortgage-backed securities in November, down slightly from October, according to the GSE's monthly activity report. Ginnie Mae issued $35.5 billion in MBS in November and Freddie Mac issued $26 billion. Freddie has started releasing additional information involving loan modifications and refinancing volumes with its monthly activity report. But Fannie has not followed in its sister GSE's path. Fannie could not be reached before deadline to comment on the difference in disclosures.