Freddie Mac Delinquency Rates Continue to Climb--1 in 38 Freddie Mortgages Seriously Delinquent

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Freddie Mac recently published the data for its seriously delinquent mortgages through May-2009. And the results continue to worsen.

2.01% of "Non-Credit Enhanced Mortgages" are seriously delinquent--These are mortgages that would have had at least a 20% down payment.

And 5.45% of Credit enchanced Freddi Mac Mortgage loans are delinquent---Think of these as folks who couldn't pony up the 20% down payment and may be using PMI (private mortgage insurance) to get the safety that Freddie wants.

Overall (combining the above 2 catagories) 2.62% of F-Mac's mortgages are seriously behind in their payments... And to make matters worse for all those "green-shooters" out there, the second derivative of delinquencies increased in May. (That essentially means that the rate of increase in delinquencies in May has increased vs. what it was in April).