With the release of GSE DQ data for the first time late last week, we can start to slice and dice the information in a myriad of ways. Let’s look first at total DQ’s for the GSEs by state:
A natural question to ask is how does this break down by individual Enterprise?
Given that Fannie Mae DQ’s are higher, it is then natural to ask if this discrepancy is concentrated or widespread across geographies. Below find the total DQ rate for Fannie Mae less that of Freddie Mac:
From the chart above, the answer is that the higher rate of delinquencies is spread out across the country. Fannie Mae has a lower rate of DQ’s than Freddie Mac in just six out of 51 jurisdictions (states plus DC), and these tend to be in very low population states.
More to come.