22 APR 2009, Wednesday

1. ...and this may be it. Bloomberg reports: “Fannie Mae and Freddie Mac mortgage delinquencies among the most creditworthy homeowners rose 50 percent in a month as borrowers said drops in income or too much debt caused them to fall behind, according to data from federal regulators." NOTE: these are not Sub-prime or alt-A — they are Prime, the highest quality borrowers possible. This can not be good...is it just the tip of the iceberg or is it due to the foreclosure moratorium that was recently lifted after the last 6 months and now the backlog is coming due? Maybe this explains why the actng CEO of Freddie Mac was found dead in his home today...heart attack, suicide, or was he going public with something? Why suicide when the company has already failed, been nationalized and has the government backing it....what could get worse than that? Things get stranger by the day.