It was another lousy month for secondary activity at Freddie Mac, though residential and commercial delinquency both improved.
May purchases and issuances at the McLean, Va.-based lender fell to $23.2 billion during May from the previous month’s $23.8 billion, operational data released Friday indicated. Business has not been this bad since October 2008, when secondary volume was $19.3 billion.
In May 2010, purchases and issuances were $25.2 billion.
Since the beginning of the year, Freddie has either purchased or issued $151.7 billion in mortgage investments.
The secondary lender’s total mortgage portfolio closed out last month at $2.1316 trillion, continuing an ongoing decline. The portfolio stood at $2.1378 trillion at the end of April and was $2.2236 trillion at the same point last year.
The May 31 total included an $0.6896 trillion investment portfolio and $1.4420 trillion in outstanding participation certificates.
Residential delinquency of at least three months continued to fall, ending last month at 3.53 percent. The default rate was 3.57 percent in April and 4.06 percent in May 2010.
Multifamily 60-day delinquency was also better, falling to 0.38 percent from 0.40 percent. But apartment defaults were worse than 0.29 percent in May of last year.
