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Fannie Boosts Business, But Shares Sink

$57.9 billion August mortgage purchases

September 29, 2005

By MortgageDaily.com staff

While Fannie Mae's business volume is strong, its shares are sinking.

The secondary lender's business volume totaled $57.9 billion in August, climbing from $52.5 billion in the previous month and $52.1 billion a year ago, according to Fannie's monthly summary report.

The Washington, D.C.-based company reported its $2.3 trillion book of business consisted of $1.5 trillion in outstanding mortgage-backed securities and a $0.8 trillion gross mortgage portfolio.

Despite the positive trend in business purchases, shares of Fannie, which has been under investigation for faulty accounting since late 2003, have been tumbling.

Published reports say investigators have found new accounting violations at the secondary lender, including overvalued assets, underreported credit losses and misused tax credits. As the news spread, Fannie's shares tumbled about $5 yesterday to around $42. The price had been as high as $73.81 during the past 52 weeks.

Single-family loans delinquent at least three months edged up two basis points from the previous three months to 0.59% in July, said Fannie, which reports the rate on a one-month lag.

The effective duration gap, or measure of the balance of Fannie's cash flows on assets and liabilities, was reported at 0 months in August, changing from +1 the prior month.

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