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The Associated Press October 26, 2010, 3:15PM ET

Freddie Mac: Rate of late home loans rose in Sept.

The percentage rate of single-family home loans behind in payments by at least 90 days improved between August and September, government-controlled lender Freddie Mac said Tuesday.

The company said its single-family home loans delinquency fell to 3.80 percent in September from 3.83 percent in August. It was 3.43 percent in September 2009.

The rate of delinquencies for mortgages on apartment buildings inched higher, however.

Apartment building mortgages behind at least 60 days had a delinquency rate of 0.35 percent in September, up from 0.32 percent in August. The rate stood at 0.15 percent in September last year.

The company said it completed 17,121 loan modifications in September, which brings its nine-month total this year to 131,689 loans.

Freddie Mac and its sister company, Fannie Mae, were created by Congress to buy mortgages from lenders and package them into bonds that are resold to global investors. Together the pair own or guarantee almost 31 million home loans worth about $5.5 trillion. That's about half of all mortgages.


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