Freddie Mac Mortgage Portfolio Rose To $2.244 Trillion, Single-Family Portfolio Delinquencies Hit Record 3.54%

The government sponsored version of subprime expert New Century reported October numbers, and they were not pretty. The bankrupt lender of 3.5% down housing loans saw its total mortgage portfolio rise to $2.244 trillion, thanks to the Fed which keeps on buying whatever crap FRE spews off the conveyor belt, now that even PIMCO is running far from that radioactive sludge. Total single-family delinquencies hit an all time record of 3.54% (3.33% in September). And some other observations:

• The total mortgage portfolio increased at an annualized rate of 0.7% in October.
• Refinance-loan purchase and guarantee volume was $18.0 billion in October, down from $21.4 billion in September.
• The aggregate unpaid principal balance (UPB) of our mortgage-related investments portfolio was $770.1 billion at October 31, 2009, down from $784.2 billion at September 30, 2009.
• The net amount of mortgage-related investments portfolio mortgage purchase (sale) agreements entered into during the month of October totaled $1.7 billion, down from the $4.6 billion entered into during the month of September.
• Total guaranteed PCs and Structured Securities issued increased at an annualized rate of 1.1% in October.
• Our single-family portfolio delinquency rate rose to 3.54% in October, up 21 basis points from September.
  
• Our multifamily delinquency rate was 0.12% in October. [Look for this to go much, much higher]
• The measure of our exposure to changes in portfolio market value (PMVS-L) averaged $472 million in October. Duration gap averaged 0 months. See Endnote (16) for further information.
• On September 6, 2008, the Director of the Federal Housing Finance Agency (FHFA) appointed FHFA as Conservator of Freddie Mac.

Full report below:

Comments

[m.g. turner]

Loans (debts) are growing, delinquencies are growing, unemployment is growing, the stock market is growing....is this a portrait of a growing economy? Have I missed something?  At this point we should be "shaking like a dog shitting razor blades" (Alkaline Trio)

[Cognitive Dissonance]

"..now that even PIMCO is running far from that radioactive sludge."

Where will this outrage end? And when?

I shall now date myself because this entire abomination reminds me of something I watched on black and white TV as a small child and which left an everlasting impression many years later. When I was a young boy the place to be for top TV entertainment was "The Ed Sullivan Show" where various musical, comedy or gymnastic acts were paraded in front of America once a week.

Which fantastic act left an indelible impression on my young and tender mind?

A well dressed man in top hat and coat tails walked on stage, followed closely by a very attractive assistant ("Mom, why is she wearing her bathing suit on TV?") pushing a cart filled with what looked to be ordinary household dishes and long slender poles. On the stage he placed long strips of wood with holes drilled at 2 foot intervals, into which he placed the poles. The man then placed a dish on one of the poles and set it spinning at such a high rate of speed that, like a top, it would stay balanced on the pole. 

He then set a second and third dish spinning on other poles and so on until he was madly dashing from pole to pole in what was quite obviously a futile effort to keep the dishes spinning and thus on top of the poles. Of course he eventually failed and dishes started flying and crashing to the roar of the crowd. Boy did I love seeing those dishes break into a million pieces. I suspect it was my idea of Karma, since I had been guilty of breaking a few of my own while helping mom wash and dry after supper.

I see the Fed and Treasury madly rushing from one pole to another frantically trying the keep this whole house of cards from crashing down and I see the same path to failure as I did when I was much younger. Since common sense tells us this will end badly, my only question is why are we allowing this to take place in the first place?

Edit: This is a 1969 "color" performance of the same person I saw years earlier in B & W.

http://www.youtube.com/watch?v=Zhoos1oY404&feature=PlayList&p=3B56E4BB14482AD7&playnext=1&playnext_from=PL&index=94

[Steak]

nice metaphor sir...only real question is who do the plates represent and who is on the other end laughing? 

[pooplagrande]

Uncle Sam the slumlord! Yes! This will certainly end well...

Can anyone stop Dr. Evil?

Do we have any say in this? Or are we just Bennie's Bitches?

[Hondo]

This is a complete scam by the Federal Government.  They are wasting taxpayer $$ on stupidity.  B. Hussein said he was going to redistribute the wealth and he is certainly doing that......in the process he is destroying the country.  Eventually there will be a mass exodus of capitalism or a revolution.

[docj]

And yet, the AP and the rest of the MSM are screaming "The Housing Recovery Is Well Underway!!!!" from the rooftops.

WASHINGTON (AP) -- Home prices rose slightly in September, the fourth straight monthly increase and a clear sign the housing market recovery is continuing.

So if the "recovery" of home prices is "continuing" I guess we won't be needing that extension of the home-buyer/seller/whatever tax credit then.  Right?

Oh, wait...