The FNM "seriously delinquent [4]" rate has gone parabolic, increasing by roughly 5% sequentially and just under 300% YoY. As mere text will simply not do this metric justice, please enjoy this chart of the dataset from Blytic [5]. It tells you all you need to know about the Fed's containment of the housing problem.
[6]
The August seriously delinquent single-family number comprised of a 2.87% non-credit enhanced delinquencies and a very bothersome 11.52%, consisting of credit enhanced loans.
The deterioration of FNM's book however did not stop it from increasing the size of its book. In September Fannie's total book of business hit $3.242 trillion, up from $3.229 trillion in August and $3.079 trillion in the prior year.
This trend should bother you, dear taxpayer, because it is your money on the hook here, which is not only massively mismanaged by Bernanke & Co., LLC, but which sees another $80 billion of free funding every month courtesy of the dollar printing press to onboard even more toxic garbage onto your balance sheet.