News (AP) - Rate of late home loans fell in July, Freddie Mac reports

WASHINGTON (AP) -- The rate of single-family home loans behind in payments by at least 90 days improved between June and July, but the rate of delinquencies for mortgages on apartment buildings worsened, government-controlled lender Freddie Mac said last Thursday. For apartment building mortgages behind at least 60 days, the delinquency rate inched in July to 0.30 percent from 0.28 percent in June, according to Freddie Mac. The rate stood at 0.12 percent in July last year. The company said its single-family home loans delinquency rate slipped in July to 3.89 percent from 3.96 percent in June. It was 3.06 percent in July 2009. Freddie Mac and its sibling 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. Published: Mon, Aug 30, 2010

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