| Business Purchases Jump at Freddie
$99.5 billion August purchases highest level this year September 26, 2003 By MortgageDaily.com staff
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| New business purchases increased for one of the country’s secondary mortgage lenders.
Freddie Mac reported new August business purchases of $99.5 billion, up from July’s $80.1 billion and the highest level this year. The mortgage giant’s new business purchases totaled more than twice August 2002’s $44.4 billion. A retained portfolio of $616 billion and net mortgage participation certificates of $697 billion made up the total mortgage portfolio of $1.3 trillion, Freddie reported. The government sponsored housing enterprise said July single-family delinquency was 0.75%, slightly higher than June’s 0.73%. The duration gap for the McLean, Virginia company was reported at 0, compared to +1 reported in July. Freddie announced Thursday that it would delay the release of restated financials from September 30, the previous deadline, until November. The company said it expects the cumulative increase in retained earnings to be at or above $4.5 billion after the restatement. |
