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Fannie Performance Worse

$35.3 billion October new business acquisitions

November 25, 2008

By MortgageDaily.com staff

Delinquency spiked and secondary purchases fell to the lowest level in more than seven years at Fannie Mae.

New business acquisitions were $35.3 billion during October, according to a monthly summary released today. Volume fell from $44.1 billion in September and $66.3 billion a year earlier.

Monthly business acquisitions at Fannie haven't been this low since February 2001 -- when volume was $32.3 billion.

From January through October, secondary purchases totaled $553.3 billion.

The book-of-business at the Washington, D.C.-based firm ended October at $3.0878 trillion, rising from $3.079 trillion at the end of September. The latest total included a gross mortgage portfolio of $0.777 trillion and outstanding mortgage-backed securities of $2.311 trillion.

Residential delinquency of at least 90 days, reported on a one-month lag, was 1.72 percent on Sept. 30, jumping from 1.57 percent at the end of August and more than double the 0.78 percent at the end of September 2007.

Multifamily delinquency of at least 60 days ended September at 0.16 percent, unchanged from August and twice the 0.08 percent rate a year earlier.

The effective duration gap rose to two months in October from one month in September.

Fannie also announced that David M. Johnson was appointed chief financial officer. Johnson is leaving his CFO positions at Hartford Financial Services Group to take the new job.

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