Fannie Says Mortgage Defaults Hit Record in July

Washington, DC, Sept. 30, 2009--Fannie Mae, the government's mortgage-finance company, said that defaults rose to a record in July.

Mortgages at least 90 days late or in foreclosure among the single-family loans that Fannie Mae owns or guarantees rose to 4.17 percent in July, from 3.94 percent in June and 1.45 percent a year earlier, the company said in its monthly volume summary.

The holdings fell by $22 million in August from July to $779.4 billion. It was down from $787.2 billion on Dec. 31.