вЂњMaybe itвЂ™s getting better,вЂќ he said, but added that the delinquency вЂњThere are a lot of different things happening at the same time,вЂќ said Jim Ryan, senior equity analyst for Morningstar. In its third-quarter filing with the S.E.C., Fannie Mae attributed the recent dip in its delinquency rate to enhanced efforts by banks and the government to modify and refinance troubled mortgages. Delinquencies should decline accordingly over the long haul. Freddie Mac, FannieвЂ™s smaller housing finance cousin, recently reported that its delinquency rate jumped in October when Bank of America and other lending giants temporarily halted foreclosures.ДЇewer foreclosures meant more loans got stuck in the purgatory known as вЂњseriously delinquent.вЂќД«ut most lenders have resumed foreclosures, and last week Fannie Mae lifted its moratorium on evicting homeowners who were living in foreclosed properties. Eggert said, вЂњseeing the rate decline from excruciatingly high to painfully high is not all that comforting to me.вЂќДЄnd it could go up again. Have plowed more than $87 billion into Fannie since the government took the company into conservatorship in September 2008. вЂњItвЂ™s a good sign for Fannie Mae,вЂќ said Kurt Eggert, a professor of law at Chapman University who specializes in consumer credit issues. Sixteen basis points may not seem like much, but after three years of record foreclosures, any glimmer of hope is well received in the housing industry. AndДЇor the first time since 2007, the rate experienced a yearly decline when it dropped to 4.56 percent in September, the most recent month for which data was available, from 4.72 percent in September 2009. The rate of single-family mortgages that are more than three months past due -вЂ“ loans that Fannie calls вЂњseriously delinquentвЂќ -вЂ“ has fallen every month since March, the report said. Prevention programs, FannieвЂ™s monthly housing summary showed.

It includes all applicable time frames based on LPI due dates. Although more than 4 percent of loans held by Fannie Mae are still delinquent, the rate declined recently as banks and the government refined their foreclosure Foreclosure Time Frames Effective Januthe table below specifies Fannie MaeвЂ™s maximum number of allowable days between the due date of the last paid installment (LPI) and foreclosure sale date, as referenced in the Fannie Mae Servicing Guide Part E. The housing market just earned a much-needed moral victory.

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