Business tumbled at Fannie Mae.
First quarter business volume was $130.6 billion, the secondary lender reported in its March monthly summary, way off from $165.2 billion announced in the previous quarter. During the first quarter of 2004 Fannie reported purchases of $163.0 billion.
For just March, business purchases were $42.4 billion, Fannie reported, up slightly from February but the second lowest month in the past year.
The Washington, D.C.-based corporation said its $2.3 trillion book of business consisted of a $0.9 trillion mortgage portfolio and $1.4 trillion in outstanding mortgage backed securities.
Fannie reported single family delinquency at 0.64% in February, down one basis point from January and unchanged from 90 days prior. Delinquency is reported on a one-month lag.
The effective duration gap in March was +1, the summary said, compared to 0 in February and -1 in January.