Fannie Mae Delinquencies: September 2011

The latest release of the Fannie Mae Monthly Summary indicated that total serious single family delinquency declined slightly while still remaining at distressed levels.

In September, 3.10% of non-credit enhanced loans went seriously delinquent while the level was 9.43% of credit enhanced loans resulting in an overall total single family delinquency of 4%.

The following charts (click for larger ultra-dynamic and surf-able chart) show what Fannie Mae terms the count of “Seriously Delinquent” loans as a percentage of all loans on their books.

It’s important to understand that Fannie Mae does NOT segregate foreclosures from delinquent loans when reporting these numbers.

Fannie Mae Delinquencies: July 2011

The latest release of the Fannie Mae Monthly Summary indicated that for data through July, total serious single family delinquency went flat while still remaining at distressed levels.

In June, 3.14% of non-credit enhanced loans went seriously delinquent while the level was 9.69% of credit enhanced loans resulting in an overall total single family delinquency of 4.08%.

The following charts (click for larger ultra-dynamic and surf-able chart) show what Fannie Mae terms the count of “Seriously Delinquent” loans as a percentage of all loans on their books.

It’s important to understand that Fannie Mae does NOT segregate foreclosures from delinquent loans when reporting these numbers.

Fannie Mae Delinquencies: May 2011

The latest release of the Fannie Mae Monthly Summary indicated that for data through May, total serious single family delinquency declined notably while still remaining at distressed levels.

In May, 3.17% of non-credit enhanced loans went seriously delinquent while the level was 9.84% of credit enhanced loans resulting in an overall total single family delinquency of 4.14%.

The following charts (click for larger ultra-dynamic and surf-able chart) show what Fannie Mae terms the count of “Seriously Delinquent” loans as a percentage of all loans on their books.

It’s important to understand that Fannie Mae does NOT segregate foreclosures from delinquent loans when reporting these numbers.

Fannie Mae Delinquencies: January 2011

The latest release of the Fannie Mae Monthly Summary indicated that for data through December, total serious single family delinquency continued to declined though at a notably slower pace than in recent months while the credit enhanced component went delinquent at a higher rate.

In December, 3.40% of non-credit enhanced loans went seriously delinquent while the level was 10.6% of credit enhanced loans resulting in an overall total single family delinquency of 4.48%.

The following charts (click for larger ultra-dynamic and surf-able chart) show what Fannie Mae terms the count of “Seriously Delinquent” loans as a percentage of all loans on their books.

It’s important to understand that Fannie Mae does NOT segregate foreclosures from delinquent loans when reporting these numbers.

Ticking Prime Bomb!: Fannie Mae Monthly Summary November 2010

The Latest release of the Fannie Mae Monthly Summary for October indicated that for data through October, total serious single family delinquency continued to declined though at a slower pace than in recent months.

Although this is a notable development particularly in light of the fact that Fannie Mae’s serious delinquency had been rising for over two years, more data is needed before any conclusions can be drawn as to the trend going forward.

In October, 3.43% of non-credit enhanced loans went seriously delinquent while the level was 10.58% of credit enhanced loans resulting in an overall total single family delinquency of 4.52%.

The following charts (click for larger ultra-dynamic and surf-able chart) show what Fannie Mae terms the count of “Seriously Delinquent” loans as a percentage of all loans on their books.

It’s important to understand that Fannie Mae does NOT segregate foreclosures from delinquent loans when reporting these numbers.

Ticking Prime Bomb!: Fannie Mae Monthly Summary July 2010

The Latest release of the Fannie Mae Monthly Summary for July indicated that for data through June, total serious single family delinquency continued to declined.

Although this is a notable development particularly in light of the fact that Fannie Mae’s serious delinquency had been rising for over two years, more data is needed before any conclusions can be drawn as to the trend going forward.

In June, 3.74% of non-credit enhanced loans went seriously delinquent while the level was 11.68% of credit enhanced loans resulting in an overall total single family delinquency of 4.99%.

The following charts (click for larger ultra-dynamic and surf-able chart) show what Fannie Mae terms the count of “Seriously Delinquent” loans as a percentage of all loans on their books.

It’s important to understand that Fannie Mae does NOT segregate foreclosures from delinquent loans when reporting these numbers.

Ticking Prime Bomb!: Fannie Mae Monthly Summary May 2010

The Latest release of the Fannie Mae Monthly Summary for May indicated that for data through April, total serious single family delinquency declined slightly.

Although this is a notable development particularly in light of the fact that Fannie Mae’s serious delinquency had been rising for over two years, more data is needed before any conclusions can be drawn as to the trend going forward.

For March, 3.89% of non-credit enhanced loans went seriously delinquent while the level was 12.55% of credit enhanced loans resulting in an overall total single family delinquency of 5.30%.

The following charts (click for larger ultra-dynamic and surf-able chart) show what Fannie Mae terms the count of “Seriously Delinquent” loans as a percentage of all loans on their books.

It’s important to understand that Fannie Mae does NOT segregate foreclosures from delinquent loans when reporting these numbers.

Ticking Prime Bomb!: Fannie Mae Monthly Summary February 2010

Decades from now the summer of 2008 will likely be remembered to mark the turning point where legislative blundering took an otherwise serious financial crisis and molested it into an epic financial disaster.

By fully assuming the liabilities of Fannie Mae and Freddie Mac, the two colossal and corrupt (and conduit of corruptness funneling junk Countrywide Financial loans onto the implied balance sheet of the federal government) government sponsored enterprises, the federal government, led by Treasury Secretary Paulson and Federal Reserve Chairman Ben Bernanke, thrust taxpayers into an abyss of insolvency with one mighty shove.

The latest monthly summary from Fannie Mae showed that delinquencies are continuing to rise with the total series climbing to 5.59% while delinquent credit-enhanced loans climbed to 13.80%.

The following charts (click for larger ultra-dynamic and surf-able chart) show what Fannie Mae terms the count of “Seriously Delinquent” loans as a percentage of all loans on their books.

Notice that despite all the government gimmicks and manipulation the level of delinquency at these two mortgage giants continues to mount.

It’s important to understand that Fannie Mae does NOT segregate foreclosures from delinquent loans when reporting these numbers.

Finally, the following chart (click for larger ultra-dynamic and surf-able chart) shows the relative movements of Fannie Mae’s credit enhanced and non-credit enhanced (insured and non-insured) “Seriously Delinquent” loans.

Ticking Prime Bomb!: Fannie Mae Monthly Summary January 2010

Decades from now the summer of 2008 will likely be remembered to mark the turning point where legislative blundering took an otherwise serious financial crisis and molested it into an epic financial disaster.

By fully assuming the liabilities of Fannie Mae and Freddie Mac, the two colossal and corrupt (and conduit of corruptness funneling junk Countrywide Financial loans onto the implied balance sheet of the federal government) government sponsored enterprises, the federal government, led by Treasury Secretary Paulson and Federal Reserve Chairman Ben Bernanke, thrust taxpayers into an abyss of insolvency with one mighty shove.

The following charts (click for larger ultra-dynamic and surf-able chart) show what Fannie Mae terms the count of “Seriously Delinquent” loans as a percentage of all loans on their books.

Notice that despite all the government gimmicks and manipulation the level of delinquency at these two mortgage giants continues to mount.

It’s important to understand that Fannie Mae does NOT segregate foreclosures from delinquent loans when reporting these numbers.

Finally, the following chart (click for larger ultra-dynamic and surf-able chart) shows the relative movements of Fannie Mae’s credit enhanced and non-credit enhanced (insured and non-insured) “Seriously Delinquent” loans.

Slide of Doom

In a prior post I detailed nine regional housing markets for which the Radar Logic home price data has indicated that the spring and early summer price bounce has now given way and reverted back to and even below the lows of March.

Today, consider eleven additional markets where home prices have now clearly peaked and will soon likely join the prior nine.

It’s important to recognize that (as I have demonstrated in past posts) the Radar Logic home price data is very strongly correlated (r-squared at or over .85 for most markets) to the non-seasonally adjusted S&P/Case-Shiller indices.

Also, although both the Radar Logic and S&P/Case-Shiller report data with a 60 day lag, the Radar Logic data is released daily and leads the Case-Shiller by as much as 30 days.

With nine metros falling below the March lows and now eleven more showing significant month-to-month declines it’s virtually certain that the consensus will soon recognize that home prices are still far from bottoming out.

Ticking Prime Bomb!: Fannie Mae Monthly Summary August 2009

Decades from now the summer of 2008 will likely be remembered to mark the turning point where legislative blundering took an otherwise serious financial crisis and molested it into an epic financial collapse.

By fully assuming the liabilities of Fannie Mae and Freddie Mac, the two colossal and corrupt (and conduit of corruptness funneling junk Countrywide Financial loans onto the implied balance sheet of the federal government) government sponsored enterprises, the federal government, led by Treasury Secretary Paulson and Federal Reserve Chairman Ben Bernanke, has thrust taxpayers into an abyss of insolvency with one mighty shove.

Given the sheer size of these government sponsored companies, with loan guarantee obligations recently estimated by Federal Reserve Bank of St. Louis President William Poole of totaling $4.47 Trillion (That’s TRILLION with a capital T… for perspective ALL U.S. government debt held by the public totals roughly $4.87 Trillion) this legislative reversal making certain the “implied” government guarantee is reckless to say the least.

The following chart (click for larger ultra-dynamic and surf-able chart) shows what Fannie Mae terms the count of “Seriously Delinquent” loans as a percentage of all loans on their books.

It’s important to understand that Fannie Mae does NOT segregate foreclosures from delinquent loans when reporting these numbers.

Finally, the following chart (click for larger ultra-dynamic and surf-able chart) shows the relative movements of Fannie Mae’s credit and non-credit enhanced (insured and non-insured) “Seriously Delinquent” loans.

Ticking Prime Bomb!: Fannie Mae Monthly Summary May 2009

Decades from now the summer of 2008 will likely be remembered to mark the turning point where legislative blundering took an otherwise serious financial crisis and molested it into an epic financial collapse.

By fully assuming the liabilities of Fannie Mae and Freddie Mac, the two colossal and corrupt (and conduit of corruptness funneling junk Countrywide Financial loans onto the implied balance sheet of the federal government) government sponsored enterprises, the federal government, led by Treasury Secretary Paulson and Federal Reserve Chairman Ben Bernanke, has thrust taxpayers into an abyss of insolvency with one mighty shove.

Given the sheer size of these government sponsored companies, with loan guarantee obligations recently estimated by Federal Reserve Bank of St. Louis President William Poole of totaling $4.47 Trillion (That’s TRILLION with a capital T… for perspective ALL U.S. government debt held by the public totals roughly $4.87 Trillion) this legislative reversal making certain the “implied” government guarantee is reckless to say the least.

The following chart (click for larger ultra-dynamic and surf-able chart) shows what Fannie Mae terms the count of “Seriously Delinquent” loans as a percentage of all loans on their books.

It’s important to understand that Fannie Mae does NOT segregate foreclosures from delinquent loans when reporting these numbers and that should they report the delinquent results as a percentage of the unpaid principle balance, things might likely look a lot worse.

Finally, the following chart (click for larger ultra-dynamic and surf-able chart) shows the relative movements of Fannie Mae’s credit and non-credit enhanced (insured and non-insured) “Seriously Delinquent” loans.

Ticking Time Bomb?: Fannie Mae Monthly Summary March 2009

Decades from now the summer of 2008 will likely be remembered to mark the turning point where legislative blundering took an otherwise serious financial crisis and molested it into an epic financial collapse.

By fully assuming the liabilities of Fannie Mae and Freddie Mac, the two colossal and corrupt (and conduit of corruptness funneling junk Countrywide Financial loans onto the implied balance sheet of the federal government) government sponsored enterprises, the federal government, led by Treasury Secretary Paulson and Federal Reserve Chairman Ben Bernanke, has thrust taxpayers into an abyss of insolvency with one mighty shove.

Given the sheer size of these government sponsored companies, with loan guarantee obligations recently estimated by Federal Reserve Bank of St. Louis President William Poole of totaling $4.47 Trillion (That’s TRILLION with a capital T… for perspective ALL U.S. government debt held by the public totals roughly $4.87 Trillion) this legislative reversal making certain the “implied” government guarantee is reckless to say the least.

The following chart (click for larger) shows what Fannie Mae terms the count of “Seriously Delinquent” loans as a percentage of all loans on their books.

It’s important to understand that Fannie Mae does NOT segregate foreclosures from delinquent loans when reporting these numbers and that should they report the delinquent results as a percentage of the unpaid principle balance, things might likely look a lot worse.

Finally, the following chart (click for larger) shows the relative movements of Fannie Mae’s credit and non-credit enhanced (insured and non-insured) “Seriously Delinquent” loans.

Foreclosures, Home Sales and Profit Motive

Here are two more excellent posts by expert analyst Ira Artman.

First in “Drawn and Quartered”, Ira both illustrates the differences between seasonally adjusted, non-seasonally adjusted and annualized data series as well as giving us a better view of foreclosures relative to annualized new and existing home sales.

Next in “No News Is … No News” Ira demonstrates a startlingly cool correlation between housing turnover (total home sales / housing stock) and profit motive (annual home price change – mortgage interest rate)…. This is a particularly interesting exercise in that 5 data series are leveraged to build a correlation between two concepts that we would generally assume to be true but SEEING (the data) IS BELIEVING! Bravo Ira!

Ticking Time Bomb?: Fannie Mae Monthly Summary January 2009

Decades from now the summer of 2008 will likely be remembered to mark the turning point where legislative blundering took an otherwise serious financial crisis and molested it into an epic financial collapse.

By fully assuming the liabilities of Fannie Mae and Freddie Mac, the two colossal and corrupt (and conduit of corruptness funneling junk Countrywide Financial loans onto the implied balance sheet of the federal government) government sponsored enterprises, the federal government, led by Treasury Secretary Paulson and Federal Reserve Chairman Ben Bernanke, has thrust taxpayers into an abyss of insolvency with one mighty shove.

Given the sheer size of these government sponsored companies, with loan guarantee obligations recently estimated by Federal Reserve Bank of St. Louis President William Poole of totaling $4.47 Trillion (That’s TRILLION with a capital T… for perspective ALL U.S. government debt held by the public totals roughly $4.87 Trillion) this legislative reversal making certain the “implied” government guarantee is reckless to say the least.

The following chart (click for larger) shows what Fannie Mae terms the count of “Seriously Delinquent” loans as a percentage of all loans on their books.

It’s important to understand that Fannie Mae does NOT segregate foreclosures from delinquent loans when reporting these numbers and that should they report the delinquent results as a percentage of the unpaid principle balance, things might likely look a lot worse.

Finally, the following chart (click for larger) shows the relative movements of Fannie Mae’s credit and non-credit enhanced (insured and non-insured) “Seriously Delinquent” loans.