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2-Year Low for Fannie Business

Mortgage News

Fannie Mae’s secondary marketing activity fell to the lowest level in more than two years. Delinquency, however, improved.

The Washington, D.C.-based company reported $39.3 billion in new business acquisitions during April. Volume tumbled from $57.8 billion in March and $85.3 billion in April 2010.

In fact, Fannie suffered its slowest month since volume was $28.8 billion in January 2009 — four months after Fannie and its secondary cousin Freddie Mac were seized by the government. Freddie reported Wednesday that last month’s secondary activity was also the lowest it’s been since January 2009.

Fannie’s business acquisitions between January and April of this year amounted to $228.8 billion.

The government-controlled enterprise’s total book of business fell to $3.2143 trillion from $3.2261 trillion at the end of March. As of April 30, 2010, the total was $3.2582 trillion.

April’s book of business included a gross mortgage portfolio of $0.7468 trillion and outstanding mortgage-backed securities of $2.4675 trillion.

As was reported by Freddie a month earlier, 90-day delinquency at Fannie during March improved — to 4.27 percent from February’s 4.44 percent and from March 2010’s 5.47 percent.

On multifamily loans, 60-day delinquency edged down to 0.64 percent from February’s 0.65 percent. Apartment delinquency was also worse than 0.79 percent a year earlier.

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