Every month, Fannie Mae (as well as Freddie Mac) puts out a monthly volume summary. The most recent summary, for July, has 90 day loan delinquencies at 1.36 percent. This compares with the Mortgage Bankers Association national delinquency number of 2.35 percent for prime loans, and 17.35 percent for subprime loans for the second quarter of 2008. In case you were wondering, the 90 day loan delinquency number for Freddie was 1.11 percent in August.
The comparisons are not exactly apple-to-apples, but because the MBA data are a little older than the FF data, it is actually likely the case that the GSEs have performed relatively better than the comparison above would suggest.
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3 comments:
Thanks!
Professor Green,
Yours is a sane voice amidst all the noisy blowhards trying to explain tyhe causes of the housing crisis. Thank you. Keep your blog going please !
The passing of the bailout plan should lower mortgage interest rates and increase demand of RE as well as slow foreclosures.
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