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Shift From Freddie to Fannie

$79.5 billion in September secondary business

Oct. 29, 2010

By staff

Secondary marketing investments by the Federal National Mortgage Association jumped more than a third on a monthly basis, though the story was different for quarterly activity. The company saw its loans under management rise last month even as rival Freddie Mac reported a decline.

In its September monthly operational summary, Fannie Mae reported $79.5 billion in new business acquisitions. The Washington, D.C.-based company lifted activity from $57.8 billion in August and $68.9 billion during September 2009.

For the three months ended Sept. 30, volume was $190.6 billion, lower than the second-quarter's $231.5 billion. During the same three-month period last year, Fannie's new business was also higher at $234.7 billion.

From Jan. 1 to Sept. 30, the secondary lender made $613.5 billion in new business acquisitions.

After falling each month since March, when it stood at $3.2634 trillion, the total book of business rose to $3.2079 on Sept. 30 from the end of August, when it was $3.2023 trillion.

The growth appears to be coming at the expense Freddie -- which reported that its total mortgage portfolio closed out last month at $2.1921 trillion, down from Aug. 31 when it was $2.2051 trillion.

Last month's total at Fannie reflected a gross mortgage portfolio of $0.8029 trillion and outstanding mortgage-backed securities of $2.4050 trillion.

Fannie, which reports delinquency on a one-month lag, said home loans that were at least three months past due as of Aug. 31 were 4.70 percent, better than 4.82 percent a month earlier but higher than 4.45 percent a year earlier.

Multifamily delinquency of at least 60 days fell to 0.66 percent from July's 0.74 percent but was higher than a year prior, when it stood at 0.56 percent.

Fannie Mae profile

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