The delinquency rate on single-family homes hit a record high 3.13 percent last month at mortgage financier Freddie Mac.
That’s up from 2.95 percent in July and roughly 200 percent higher than the 1.11 percent delinquency rate seen in August 2008, shortly before the company was placed into government conservatorship.
The delinquency rate is based on loans that are at least 90 days past due or somewhere in the foreclosure process.
Freddie said it purchased $35.6 billion in refinance loans during August, up from $34.1 billion in July.
The total mortgage portfolio increased at an annualized rate of 3.7 percent to $2.24 trillion, while the aggregate unpaid principal balance (UPB) of its mortgage-related investments portfolio decreased to $779.4 billion as of August 31.
Shares of Freddie Mac, which many analysts believe are worthless, are trading at nearly $2 per share, despite plummeting as low as 35 cents shortly after the government takeover.