Two days ago Fannie Mae and Freddie Mac reported Mortgage Delinquencies Rose 50% in a Month.

Freddie Mac, which has been at the center of attention in regards to the nationwide housing crisis, had their Chief Financial Officer die in an apparent suicide. The company currently owns or guarantees about 13 million mortgages, so David Kellermann’s death has had a significant impact both in the company and the broader economy.

Despite the very sad conclusion of Freddie Mac CFO David Kellerman's life it's the location of his house that has interested many online readers. Hunter Mill Estates, VA, where Kellerman lived is one of the most searched phrases in Google.

This morning we all woke up learning the news about Freddie Mac CFO Suicide David Kellerman. This is a said news that shook the real estate and mortgage lending industries because Freddie Mac is THE player in the mortgage lending industry.

David Kellermann, 41, the acting CFO of the troubled Freddie Mac mortgage company, was found dead of an apparent suicide this morning in the basement of his Fairfax County home.

According to Freddie, most mortgage rates recede this week while the one-year adjustable rate mortgage is on the rise.

Late yesterday Freddie Mac released the its Mortgage Market Survey® in which the 30-year fixed-rate mortgage averaged 4.87 percent for the week ending April 9, 2009, which was up slightly from last week where it had averaged 4.78 percent. The current weekly Freddie Mac mortgage rate average is still considerably lower than last year at this time when the 30-year fixed rate mortgage averaged 5.88 percent.

Freddie Mac released the results of its Primary Mortgage Market Survey yesterday in which the 30-year fixed-rate mortgage averaged 4.85 percent for the week ending March 26, 2009. Last year at this time, the 30-year mortgage averaged 5.85 percent. The 30-year rate has not been lower in the life of Freddie Mac’s weekly survey, which dates back to 1971.

The historic bailout of Fannie and Freddie by the US Treasury turned out to be only one story in a very interesting and volatile trading day yesterday. The repercussions of the Treasury's action will be weighed for some time, however, the tightening of mortgage bond spreads seems to be the most positive immediate benefit of the plan.

Secretary Henry Paulson and FHFA Director James Lockhart, on September 07 2008, announced the official government takeover of mortgage giants Fannie Mae and Freddie Mac. The takeover comes as the mortgage industry continues to deteriorate due to tightening credit standards and the continued downturn in home values.

The short answer whether Treasury Department can take over Freddie Mac and Fannie Mae is: “yes”, initially the government can do whatever they want to do. The long answer is “no”, it’s not that easy.

The Wall Street Journal is reporting Treasury Is Close to Finalizing
Plan to Backstop Fannie, Freddie.