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Fannie, Freddie Are Pressured as Homeowners Fall Behind

Fannie Mae and Freddie Mac are watching 90-day delinquency rates rise substantially at a speed that has prompted them to draw close to $60 billion of a $400 billion government credit line in recent months. Fannie Mae's delinquency rate climbed 0.35 percentage points to 2.77 percent in January from the prior month, marking a year-over-year gain from 1.06 percent. Freddie Mac's 90-day delinquency rate hit 2.13 percent in January, and CreditSights says a 4 percent delinquency rate would cause the company to lose as much as $28 billion.
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From "Fannie, Freddie Are Pressured as Homeowners Fall Behind"
Wall Street Journal (04/01/09) P. C1; Natarajan, Prabha

I'm getting a little tired of pointing out that most folks are still paying their mortgages, but the media just won't shut up about the people who aren't. jl