|
|
| New business at Freddie Mac jumped 84 percent last month. But residential delinquency climbed to the highest level ever, while multifamily delinquency more than doubled.February purchases and issuances were $40.1 billion — soaring from $21.7 billion in January, according a monthly volume reported today. In February 2008, secondary purchases were $47.7 billion.
Volume has not been this high since June 2008, when the McLean, Va.-based company reported $53.7 billion in activity. Business had been deteriorating since Freddie and its government sponsored cousin Fannie Mae were seized by the government in September 2008. So far this year, purchases and issuances total $61.7 billion. The secondary lender’s total mortgage portfolio increased to $2.208 trillion from $2.202 trillion on Jan. 31. The total portfolio included a mortgage portfolio of $0.822 trillion and outstanding participation certificates of $1.386 trillion. Increasing residential delinquency of at least 90 continued unabated, rising to 2.13 percent on Feb. 28 from 1.98 percent on Jan. 31 and 0.74 percent a year earlier. Residential delinquency has risen every month since May 2007 — when it stood at just 0.40 percent — and is the highest based on the oldest available data maintained by MortgageDaily.com going back to February 2001. A spokeswoman for Freddie confirmed that residential delinquency was the highest ever. Multifamily delinquency of at least 90 days was 0.08 percent, more than doubling from 0.03 percent in January. In February 2008, multifamily delinquency was 0.01 percent. |
