Freddie Mac Delinquencies Up, Yet Stock Not Down (FRE, FNM)

Posted in pre-market 
October 23rd, 2009

Freddie Mac (NYSE: FRE) disclosed in an SEC Filing this morning that its mortgage delinquencies continued to rise in September.  Both Freddie Mac Fannie Mae (NYSE: FNM) were forced into conservatorship last year by Uncle Sam, and this does not offer much hope of a charge in that status. Freddie disclosed September delinquencies on single-family residences at 3.33%.  That is up from 3.13% in August and up much more sharply from the year ago reading of 1.2%. It also showed that the portfolio rose by $4.8 billion after three consecutive monthly declines  to a new level of $784.17 billion. The change is said to be due to mortgage-backed securities held. It also disclosed that the refinance-loan purchase volume fell down to $21.4 billion from $35.6 a month ago.  At 8:55 AM EST we actually have shares trading up less than 1% at $1.38 on only about 350,000 shares.  This news has yet to make the rounds.  -JON OGG

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