Weekend
Report - FNM - Freddie Mac May portfolio shrank annualized 9.9 pct - Sourced
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FANNIE MAE,FNM
After Hours: 0.54 Up 0.03 (5.88%) 7:59PM ET
Freddie Mac , the second-largest U.S. home funding company, on Friday
said its mortgage investment portfolio shrank by an annualized 9.9 percent rate
in May, while delinquencies on loans it guarantees accelerated.The portfolio
decreased to $823.4 billion, for an annualized 5.6 percent increase year to
date, the McLean, Virginia-based company said in its monthly volume summary.In
May 2008, the portfolio was $770.4 billion.Delinquencies, which increase stress
on the company's capital, jumped to 2.62 percent of its book of business in May
from 2.44 percent in April and 0.86 percent in May 2008.The multifamily
delinquency rate also rose, up 0.02 percentage point to 0.12 percent in May. A
year earlier it was 0.03 percent.Freddie Mac said refinance-loan purchase
volume was $40.3 billion in May, down from April's $43.3 billion. March's $52
billion was its largest refinance month since 2003.The amount of mortgage-related
investments portfolio mortgage purchase and sale agreements entered into in May
totaled $5.3 billion, up from April's $956 million.The company's total mortgage
portfolio decreased at a 1.6 percent annualized rate in May to $2.228 trillion.In
early September 2008, the U.S. government seized control of Freddie Mac and its
larger sibling, Fannie Mae (Pacific:FNM - News; Pacific:FNM - News), amid
heightened worries about shrinking capital at the congressionally chartered
companies.
About
Federal National Mortgage Association (Fannie Mae) is a government-sponsored
enterprise (GSE) chartered by the United States Congress to support liquidity
and stability in the secondary mortgage market, where mortgage loans are
purchased and sold. The Company participates in the secondary mortgage market
by purchasing mortgage loans and mortgage-related securities for its mortgage
portfolio. It also makes other investments that increase the supply of
affordable housing. The Company is organized in three business segments:
Single-Family Credit Guaranty, Housing and Community Development (HCD), and
Capital Markets.
Last Trade: 0.51
Day's Range: 0.51 - 0.63
52wk Range: 0.30 - 21.54
Volume: 775,614,481
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