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Freddie's IO Purchases Have Doubled From 2005.(Federal Home Loan Mortgage Corp.)
MCLEAN, VA -- Purchases of interest-only mortgages accounted for 14% of Freddie Mac's total purchase volume in the first half of this year, double the share of IO purchases in 2005.
Freddie Mac executives said IO loans still only account for 3% of the company's outstanding portfolio of owned and guaranteed loans, however. But that share of the portfolio comprised of IO, option ARM and other potentially risky loan products is likely to rise over time.
IO and Payment-option ARMs together accounted for 11% of Freddie Mac's purchases in 2005, compared to just 2% in 2004, according to the company's annual report.
While analysts have expressed concern about how these rapidly growing but potentially risky loan products will perform in a housing downturn, Freddie Mac said it has placed "a set of limits" on its purchases and holdings of risky loan types.
"We are very comfortable with what we have in those markets and we do not expect to see significant credit events," Freddie Mac chairman and CEO Richard Syron said in a conference call with investors last week.
Mr. Syron made it clear that Freddie Mac does not expect the housing market challenges to dissipate anytime ...
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Source: HighBeam Research, Freddie's IO Purchases Have Doubled From 2005.(Federal Home Loan...