FHFA Says Delinquent Loans Rise In Feb By 4%
May 12 2009 - 1:20PM
Dow Jones News
A federal housing regulator says the number of loans 60 or more
days delinquent increased about 4% in February.
The Federal Housing Finance Agency Tuesday reported credit
quality continued to decline as about 41,000 more loans became 60
days or more delinquent in February.
"Loans 60 days+ delinquent increased approximately 4% in
February to 1.1 million," the FHFA said in a release accompanying
its latest Foreclosure Prevention Report.
The FHFA regulates Fannie Mae (FNM), Freddie Mac (FRE) and the
12 Federal Home Loan Banks. The report Tuesday details actions
taken to prevent unnecessary foreclosures. It is based on data from
the government-sponsored enterprises' 30.2 million residential
mortgages as of Feb. 28 and showed "significant foreclosure
prevention activity."
"Completed foreclosure prevention actions increased by 9% in
February with completed loan modifications growing by 26%," the
FHFA said. "Repayment plans grew 38%."
-By Jeff Bater, Dow Jones Newswires; 202 862 9249;
jeff.bater@dowjones.com