The rate of past-due home loans has deteriorated for three months in a row now at Freddie Mac. But the government-controlled company was able to increase its secondary business and reduce the delinquency rate on its apartment loans.
A monthly operations summary from Freddie indicated that purchases and issuances amounted to $38.1 billion in November. Business was better than $33.4 billion a month earlier and the strongest month since February, when volume totaled $38.9 billion.
In the same month last year, secondary activity was $46.0 billion.
Purchases and issuances during the first 11 months of 2011 came in at $330.3 billion. With just one month left in 2011, Freddie is unlikely to match the $411.8 billion in secondary volume during 2010.
The McLean, Va.-based firm trimmed its total mortgage portfolio to $2.0929 trillion from October’s $2.1049 trillion. The total portfolio consisted of an $0.6633 trillion investment portfolio and $1.4296 trillion in outstanding participation certificates.
Residential delinquency of at least 90 days was 3.57 percent in November, 3 basis points higher than the previous month and worse each of the past three months. Delinquency has retreated from a year prior when the rate was 3.85 percent.
Multifamily late payments of at least two months improved to 0.28 percent from October’s 0.31 percent and from November 2010 when the apartment delinquency rate was 0.34 percent.
