These are mortgage loans that are “three monthly payments or more past due or in foreclosure”.
The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59% following the housing bubble and peaked at 3.32% in August 2020 during the pandemic.
By vintage, for loans made in 2004 or earlier (1% of portfolio), 2.34% are seriously delinquent (down from 2.41% in September).
Mortgages in forbearance were counted as delinquent in this monthly report, but they were not reported to the credit bureaus.
Freddie Mac reported earlier.