| December Volume Down at Fannie
$73.4 billion business volume caps off record year January 21, 2004 By MortgageDaily.com staff |
| Fannie Mae’s December business volume resulted in the lowest monthly total of 2003, but yearly results shone bright.
According to Fannie’s latest monthly summary, business volume totaled $73.4 billion in December, decreasing from the previous month’s $75.2 billion. In December of 2002, the total was $113.8 billion. The total business volume was derived from $59.6 billion in mortgage backed securities (MBS) acquired by others and $13.8 billion in portfolio purchases, said the government sponsored enterprise. The mortgage giant reported that business volume for the full year 2003 amounted to a record-breaking $1.4 trillion, soaring 68% above the level in 2002. With $1.3 trillion in outstanding MBS and nearly $0.9 trillion in the gross mortgage portfolio at the year’s end, the book of business balanced out to $2.2 trillion. At the end of 2002, the book of business stood at $1.8 trillion, according to the report. Fannie said the duration gap on its mortgage portfolio averaged a negative one month, unchanged from November. November’s conventional single-family delinquency rate — which is reported on a one month lag — increased two basis points from the prior month to 0.59%, while the multifamily delinquency rate of 0.13% rose one basis point, said the company. Fannie announced today that its net income for 2003 grew 71% from the previous year to $7.9 billion. |
