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Freddie Mac: Multifamily Delinquency Rate Rises To Multi-Decade High
Authored by Ryan McMaken via The Mises Institute,
Fannie Mae and Freddie Mac (also known as "GSEs") have released their August reports on their mortgage portfolios and mortgage delinquencies. Both are reporting that serious delinquencies in multifamily are rising to multiyear highs. Freddie Mac, in particular, shows delinquency rates at the highest level in more than twenty years.
(These numbers reflect the condition of mortgages in each agency's portfolio, which are a major part of the overall mortgage market. Fannie and Freddie have expanded their multifamily activities aggressively in 2026 and are likely behind nearly half of newly originated apartment loans. Behind commercial banks and thrifts, "the Agency and GSE portfolios and mortgage-backed securities (MBS) hold the second-largest portion [of the multifamily market] accounting for roughly 23% of the total."
For August, seriously delinquent multifamily mortgages (60+ days delinquent) at Fannie Mae fell to 0.57 percent. That's down from July's rate of 0.62 percent, and it was down from August 2025's total of 0.68 percent. Nonetheless, Fannie's delinquency rate has risen significantly since December 2022 when the rate was 0.24 percent.
Freddie Mac's delinquency report, on the other hand, shows delinquencies (60+ days delinquent) above the Great-Recession peak. During August, Freddie reported multifamily serious delinquency rate was 0.64 percent. That's up from July 2026, which showed a delinquency rate of .6 percent. It is also up from August 2025's rate of 0.48 percent. The Freddie Mac report shows delinquency rates heading upward consistently since February of this year.
Comparing for August of each year, August 2026's delinquency rate at Freddie exceeds that of August 2011, the previous peak year for delinquencies, when August delinquencies reached 0.35 percent. This is the highest in well over 20 years. At Fannie, August's delinquency rate still remains below both the covid peak and the earlier 2010 peak.
In any case, delinquencies remain elevated for both Fannie and Freddie and this trend likely reflects slowing rent growth and waning demand for rentals as employment stagnates and the cost of living rises in areas outside housing. As Multifamily Dive reported this week:
The share of renters who had difficulty paying for housing jumped in 2025 and was concentrated among middle-income tenants, according to research from the Urban Institute released today. Tenants are increasingly struggling to afford both rent and utilities, as costs for essentials rise and U.S. households spend a growing share of their income on housing.
Overall, one in five renter households either paid rent late or missed a payment in 2025 - up from 16.5% in 2024 - marking the highest-ever percentage since the researchers began tracking the measure in 2017.
This trend is likely to persist into the present since BLS data shows that year-over-year inflation-adjusted hourly average earnings has been negative for the past five months. Moreover, landlords are hardly exempt from price inflation and they must continue to contend with rising prices in services and materials necessary for regular maintenance of multifamily units.
It is also getting more difficult for owners of troubled properties to refinance their way out of the problem. Interest rates have been heading up rapidly, the 10-year Treasury yield - the foundation of calculating real-estate-loan interest rates in many cases, has surged over the past week to over 5.2 percent. The 10-year was at 4.6 percent a month ago. (Not surprisingly, the average 30-year fixed single-family mortgage rate has also surged above 7.4 percent this week. Some observers are now suggesting the rate may rise to 8 percent by the end of the year.) This overall trend will make it much more difficult for many overextended multifamily owners to "extend and pretend" with new loans.
Tyler Durden Mon, 09/28/2026 - 10:35Leftists Rage After Judge Judy Says "If You Don't Like America, Leave..."
The fundamental disconnect in the brains of progressives, the false idea that they constantly promote, is that America is a dry erase board that can be wiped away and rewritten however they please. Progressives believe that "change" is the ultimate ideal and all change is good as long as it serves their interests in the moment.
They believe every system must be constantly rewritten and adjusted to fit their quickly shifting world views and principles (or lack of principles). They give no credence to the concept of eternal principles, eternal morals, or natural rights. Everything is up for grabs, everything can be upended and replaced.
As Judge Judy puts it, they think they can "come into our home and redecorate".
In other words, America welcomes people who are willing to assimilate to the values the nation was founded on. Anyone not willing to do this is not an American and frankly, they never will be.
The reality is that leftists don't get to change everything they don't like (which is most things). And if they hate America that much, maybe they should leave the country and find another country they do like. This is how societies around the world operate, but only the western world is expected to "adapt" to the demands of activists and foreigners. What US society demands is that these people adapt to America
This is something leftists and foreign agitators will never agree to, because they want to deconstruct the US into a socialist authoritarian system, but they also want to keep all the wealth and comfort that the previous free market system provided.
In other words, they have no principles other than to steal everything, and they rationalize their thieving ways by pontificating on the supposed "national crimes" of the past. As with all communist movements, woke ideologues pretend that they are victims of history and therefore all of their problems today are the fault of someone else.
These people are only making Judge Judy's point for her. They are essentially saying that the US is built on so much injustice and "racism" and genocide that it deserves to be burned down and rebuilt. At no point do they ever acknowledge that they can simply leave and go to a country that fits their world view. Why? Because leftists don't change themselves and their conditions, and they certainly never build anything of value on their own.
Their only survival trait is to take what other people have built.
"If you want things to change with the government you stay, you fight, you vote, you organize, and you are a part of the change." @AnaNavarro weighs in after Judge Judy made comments about America's political climate. pic.twitter.com/8BFq0iIFwX
— The View (@TheView) September 25, 2026When the European colonists came to America, there was nothing. No nation existed. No enduring infrastructure, no sweeping societies, no system of subsistence. There was a scattering of primitive tribes engaged in constant war with each other for centuries. Genocide was common. Slavery was common. Even cannibalism was common. The "Native Americans" were not "native", they took the land from the tribes that came before them.
In fact, many weaker tribes would turn to the European colonists for help to stop stronger tribes from wiping them out.
In the old world, colonialism and conquest was required to prevent barbarians from crashing through the gates and simply taking what the colonials had built. As far as slavery is concerned, every civilization in existence including the "indigenous Americans" participated in slavery.
African slaves became slaves because they were captured by other African tribes and sold to Europeans or into the Arab slave trade (which was far worse because they regularly castrated male slaves and many never survived the procedure).
Black American who’s a descendant of slaves stands with Judge Judy
“I completely agree with what she said. As a Black American descendant of slaves, I have a beautiful life in America, and I don't want America to change”
“I think America should be great for Americans, and if… pic.twitter.com/EClRPBg9jg
None of the black activists complaining about Judge Judy's comments have ever been slaves. None of them have ever been affected by slavery. Every single one of them has the same equality of opportunity as anyone else. What they are demanding is equality of outcome, and that's unacceptable.
What leftists refuse to admit is that their movement to change the US does not take precedence over the people who built America and the people who have truly made America their home. It is not the duty of Americans to adapt to socialist Utopian thinking; that's not how a free society works.
In fact, if leftists don't leave and continue their agenda of sabotage, if they continue their subversive war, they can be easily kicked out. "Democracy" is not to be used as a stepping stone to socialism, and the public's tolerance can only be pushed so far.
Tyler Durden Mon, 09/28/2026 - 10:15Ancient map marks astounding location of real-life Garden of Eden: ‘Very detailed’
SpaceX launches massive Starship into orbit for the first time despite engine shutting down
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Starship Moves Closer To Commercial Service With Successful Next-Gen Starlink Deployment
Summary:
- SpaceX stock up half a percent
- Starship Inches Closer To Commercialization
- SpaceX Deploys V3 Starlink Satellites for the First Time
- SpaceX Starship Reaches Orbit After Engine Failure Scare
For the first time, Starship has deployed SpaceX's next-generation broadband satellite in low Earth orbit.
*SPACEX: STARSHIP DEPLOYING STARLINK SATELLITES
— zerohedge (@zerohedge) September 28, 2026These new V3 satellites offer roughly 10 times the capacity per satellite of V2 satellites currently in low Earth orbit: about 1,000 gigabits per second of download capacity, compared with about 96 Gbps.
Today's deployment marks Starship's transition from a test vehicle toward a working commercial launch system that will significantly reduce the cost per kilogram and make the space economy more possible.
Starship has begun deploying its payload of 26 @Starlink V3 satellites. This deployment sequence will take ~30 minutes pic.twitter.com/ycIdAx5Lbe
— SpaceX (@SpaceX) September 28, 2026Starship's first commercial service is set for 2028.
SpaceX Starship Reaches Orbit After Engine Failure ScareSpaceX's massive Starship rocket launched from Starbase in South Texas at 7:49 a.m. local time, beginning a mission that could last nearly 10 hours. However, Elon Musk's rocket company confirmed an engine failure and said Starship would not enter orbit.
BBG: SPACEX CONFIRMS THAT STARSHIP WILL NOT ENTER ORBIT FOLLOWING AN ENGINE FAILURE
News of the engine mishap sent shares to premarket lows, down about 2%.
The engine failure will prevent the planned deployment of 26 upgraded Starlink satellites.
BBG: SPACEX FORGOES ORBITAL DEPLOYMENT OF NEW V3 STARLINK SATELLITES ON STARSHIP MISSION BECAUSE OF FAILED STARSHIP ENGINE
However, despite the engine failure, SpaceX later said an attempt to reach orbit might still be possible.
BBG: SPACEX CONSIDERING STARSHIP ORBIT ATTEMPT AFTER ENGINE WENT OUT+
That whipsawed shares back to unchanged in the premarket.
And now: SPACEX: STARSHIP REACHES ORBIT FOR THE FIRST TIME
Watch Live Feed:
Starship’s 14th flight is set to launch on Monday, Sept 28. The 75-minute launch window opens at 7:15 a.m. CT. Live coverage of the mission starts ~35 minutes before launch → https://t.co/uQKQvgaTmJ
— SpaceX (@SpaceX) September 27, 2026* * *
Tyler Durden Mon, 09/28/2026 - 09:50