Fannie Mae Delinquencies Keep Rising (FNM, FRE)

By Douglas A. McIntyre Updated Mar 26, 1:03AM EDT · Published Nov 24, 4:53PM EST

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It seems that the end of the recession notices via positive GDP has not reached Main Street America, at least as far as paying for their single-family house. Fannie Mae (NYSE: FNM) has just reported its October 2009 data and the figures are not getting better. The serious delinquency rates are astronomical. We would note that the internal data is for October, but the delinquency data is from September. While the Freddie Mac (NYSE: FRE) data was not yet seen, most consider these step brother and step sister.

The total mortgage portfolio fell 2.7% in October down to $771.45 billion. Unfortunately that is 28% annualized. The total book of business fell by about $8.4 billion to $3.23, trillion, which is ‘only’ a 3.1% annualized decline. Net commitments to purchase mortgages fell by more than 7% to $64.5 billion.

Serious delinquencies are 90-days past due…. That was 4.72% for single-family houses in September, up from 4.45% in August and up from 1.72% a year ago. The non-credit enhanced rate was 3%, but the credit enhanced rates are now over 12%.

Fannie Mae is down 1% after the close at $0.99 and Freddie Mac is unchanged at $1.13.

Jon C. Ogg
November 24, 2009

About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

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A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.