Secondary purchases by Fannie Mae fell to their lowest level in nearly three-and-a-half years, while delinquency is at its highest level in more than a year. The secondary lender's book of business, however, continued further past $3 trillion.
New business acquisitions during July were $42.4 billion, tumbling from $63.8 billion in June to the lowest level since February 2005 when the Washington, D.C.-based company purchased $40.2 billion, according a monthly summary released today. During July 2007, business acquisitions were $66.4 billion.
Through July 2008, Fannie has purchased $433.5 billion.
Fannie's total book of business, however increased to $3.048 trillion on July 31. Its gross portfolio accounted for $0.758 trillion and outstanding mortgage-backed securities were $2.290 trillion.
Serious residential delinquency of at least 90 days, reported on a one-month lag, was 1.36 percent on June 30, rising from 1.30 percent on May 31. Delinquency has risen each month since May 2007, when it stood at 0.62 percent.
Multifamily loans past due at least 60 days on June 30 were 0.11 percent, up 2 basis points from May.
The effective duration gap fell to one month in July from two months in June.