Mortgage delinquencies up 6.5% - Austin Business Journal:

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percent in April. The two mortgaged companies, under pressure to help delinquent homeowners get into moreaffordabls mortgages, also saw loan modification decline, according to the Federal Housing Finance Agency. FHFA reports completesd loan modifications fell 12 percent in April to The decline in modifications is largelt the result of a changein reporting. Fanniwe Mae and Freddie Mac both began implementing the Home AffordableModification Program, whicg now requires a three-month triakl period for loan modifications.
Those modifications are not considered complet e until after the trial period The number of mortgages owned or guaranteed byFannie (NYSE: FNM) and Freddiwe (NYSE: FRE) at least 60 days delinquent rose from 1.1 millionb in March to 1.17 million in April. Totakl delinquencies reached 3.87 percent of all Fannide and Freddie Mortgagesin April, with 10.33 percent of nonprim mortgages at least 60 days Foreclosures also rose during the FHFA reports foreclosure and third-partgy sales increased to 14,200 in April from 9,30p in March, driven by sales of non-occupied propertiez and owner-occupied properties already determined to be ineligible for modifications.