New business acquisitions again sank to their lowest level on record last month at Fannie Mae — contrasting results at secondary rival Freddie Mac. Fannie’s delinquency worsened as its book of business declined.
During November, Fannie’s secondary purchases were $29.7 billion, a monthly operational report released yesterday said. Volume fell from $35.3 billion the prior month and was less than half of the $63.7 billion in business a year earlier.
Fannie’s new business hasn’t been this bad since at least February 2001, when MortgageDaily.com began collecting data on the government sponsored enterprise. The results are in contrast to those at Freddie — which reported last week that purchases and issuances climbed to $26.9 billion in November from $19.3 billion the prior month.
Through November, Fannie’s year-to-date business acquisitions total $583.0 billion.
Fannie’s book of business ended last month at $3.087 trillion, slipping from $3.088 trillion at October’s end. Freddie said its total mortgage portfolio was $2.200 trillion on Nov. 30, climbing from $2.195 trillion on Oct. 31.
Fannie’s Nov. 30 book included an $0.783 trillion gross mortgage portfolio and $2.304 trillion in outstanding mortgage-backed securities.
Residential delinquency of at least 90 days — which the Washington, D.C.-based company reports on a one-month lag — ended October at 1.89 percent, climbing from 1.72 percent in September. Delinquency in October 2007 was just 0.83 percent.
Multifamily delinquency of at least 60 days was 0.21 percent on Oct. 31, rising from 0.16 percent on Sept. 30 and 0.07 percent on Oct. 31, 2007.
November’s effective duration gap fell to zero months from two months in October.
