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Fannie Business Maintains

$66.3 billion new business acquisitions in October

December 3, 2007

By MortgageDaily.com staff

Monthly business purchases held up at Fannie Mae, which saw its massive book of business climb closer to $3 trillion.

New business acquisitions were $66.3 billion during October, the Washington, D.C.-based company said in its monthly summary Friday. Volume edged down from $66.5 billion in September but jumped from $48.8 billion a year earlier.

The activity contrasts that of cousin Freddie Mac, which said its October purchases of $40.2 billion tumbled from the prior month's $59.7 billion and was slightly lower than $41.8 billion in October 2006.

Fannie reported a $2.803 trillion book of business on Oct. 31, including an $0.732 trillion gross mortgage portfolio and $2.071 trillion in outstanding mortgage-backed securities.

"Our 'mortgage portfolio' assets reflect GAAP adjustments, including market valuation adjustments, allowance for loan losses, impairments, and unamortized premiums and discounts, excluding consolidated mortgage-related assets acquired through the assumption of debt," Fannie explained in the summary. "These adjustments are not reflected in the gross mortgage portfolio amounts shown in this report. We estimate that Fannie Mae's 'mortgage portfolio' assets were approximately $728 billion as of Oct. 31, 2007."

Residential loans delinquent at least 90 days on Sept. 30 were 0.78 percent, climbing from 0.71 percent in August and 0.61 percent in October 2006 according to the report. The government-sponsored housing enterprise reports delinquency on a one-month lag.

Multifamily delinquency was 0.08 percent, 2 basis points higher than August but well below 0.12 percent a year earlier.

Fannie's effective duration gap for October was one month, rising from 0 months, the summary said.

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