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Freddie's New Business See Saws

July's secondary activity down 13%


Aug. 28, 2013

By Mortgage Daily staff


For four months, new business at the Federal Home Loan Mortgage Corp. has bounced up and down within a fixed range. While the latest bounce was lower, secondary volume and delinquency both were better than a year earlier.

The McLean, Va.-based company reported that July's purchases and issuances totaled $42.250 billion.

Business fell from the prior month, when the monthly volume summary indicated that $48.388 billion was generated.

Freddie Mac's latest activity was closer to May's $42.381 billion, while June's volume was closer to April's $47.298 billion.

Last month's purchases and issuances were stronger than the $31.486 billion in business generated during July 2012.

Year-to-date July 31 volume amounted to $318.295 billion.

The secondary lender's total mortgage portfolio finished July at $1.9425 trillion, shrinking from $1.9452 trillion a month earlier and $1.9976 trillion a year earlier.

Last month's total portfolio included an $0.5212 trillion investment portfolio and $1.4212 trillion in outstanding securities and other guarantee commitments.

Residential delinquency of at least 90 days, which has been down for seven consecutive months, fell to 2.70 percent from 2.79 percent in June. As of July 31, 2012, the 90-day rate was 3.42 percent.

Multifamily delinquency of at least 60 days fell to 0.06 percent from 0.09 percent and was 0.29 percent at the same point in 2012.

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