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Mixed Results at Fannie

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The good news is that residential defaults were lower for the fourth consecutive month at Fannie Mae. The bad news is that secondary purchases declined and commercial mortgage delinquency deteriorated.

The Washington, D.C.-based company reported today $53.3 billion in new business acquisitions last month, falling from $59.8 billion in June. The decline was more dramatic when compared with July 2009, when volume was $95.1 billion.

Fannie said its year-to-date business acquisitions were $476.2 billion.

The book of business closed out July at $3.2058 trillion, lower then $3.2196 trillion at the end of the previous month. At the same time last year, the book was $3.2196 trillion.

Last month’s book of business included $0.8120 trillion in mortgages and mortgage-backed securities that Fannie owned outright and $2.3938 trillion in outstanding MBS.

“Fannie Mae’s book of business, gross mortgage portfolio, commitments to purchase, net and new business acquisitions include approximately $9 billion in loans purchased from MBS trusts in July 2010 that will not be reflected as liquidated from MBS until Aug. 2010,” the report said. “Excluding these loan repurchases and the impact of June repurchases on the June book of business, the total book of business compound annualized growth rate would have been (1.6 percent) for July 2010.”

Fannie reports delinquency on a one-month lag. Home-loan delinquency of at least three months finished June at 4.99 percent. Delinquency was 5.15 percent in May and has improved each month since February, when it was 5.59 percent. The rate was 3.94 percent in June 2009.

The 60-day delinquency rate on multifamily loans rose to 0.80 percent in June from 0.76 percent a month earlier and 0.51 percent a year earlier.

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