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The Ginnie Mae loan tape for May came in last night. The data showed the FHA overall delinquency rate jumped from 13.3% to 15.5% from last month. This compares to overall rates based on pool level data for Fannie Mae and Freddie Mac of 5.4% and 6.2%, respectively.  A somewhat encouraging sign was the decline in the 30-day dq rate for FHA loans from 9.6% in April to 6.1% in May, broadly in line with the 1.4% drop in the unemployment rate for May reported last Friday. The pattern of delinquencies by state is reported below, with differences due to the varying severity of the Covid-19 virus, local health policy and the composition of economic activity in each state.  |
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