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Fannie’s Performance Worsens

Mortgage News

While Fannie Mae’s massive book of business climbed — secondary purchases fell, residential delinquency reached another record and multifamily delinquency maintained its record level.

New business acquisitions were $234.7 billion during the third quarter, according to monthly operational data. Volume was off from $239.8 billion in the second quarter but better than $126.9 billion a year earlier — when the Washington, D.C.-based company was seized by its regulator.

From Jan. 1 through Sept. 30, new business acquisitions totaled $649.9 billion.

During just September, volume fell to $68.9 billion from August’s $70.6 billion. In September 2008, new business acquisitions were just $44.1 billion.

Fannie’s total book of business ended September at $3.2428 trillion, rising from $3.2293 trillion a month earlier. The Sept. 30 figure included an $0.7927 trillion gross mortgage portfolio and $2.4501 trillion in outstanding mortgage-backed securities.

Serious residential delinquency, reported on a one-month delay, climbed further into record territory — landing at 4.45 percent as of Aug. 31. Late payments were 4.17 percent on July 31 and just 1.57 percent on Aug. 31, 2008.

Serious multifamily delinquency was unchanged from July’s record 0.56 percent but much higher than 0.16 percent a year earlier.

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