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Record Low Fannie Purchases

Record Low Fannie Purchases$28.8 billion January purchases

Feb. 27, 2009

By Mortgage Daily staff

Business sank at Fannie Mae last month — to the lowest level on record — and delinquency continued to rise.New business acquisitions were $28.8 billion in January at the government-run company, a monthly operational summary released today indicated. Volume tumbled from $48.4 billion in December and $54.0 billion during January 2008.

Last month’s acquisitions were the lowest since at least February 2001, when began collecting data on the Washington, D.C.-based firm.

Fannie’s book of business was $3.108 trillion on Jan. 31, down from $3.111 trillion on Dec. 31, 2008. The book included a $0.786 trillion gross mortgage portfolio and $2.323 trillion in outstanding mortgage-backed securities.

Residential delinquency of at least 90 days, reported on a one-month lag, leapt to 2.42 percent at the end of December from 2.13 percent a month earlier. Delinquency more than doubled from 1.06 percent in January 2008.

Multifamily 60-day delinquency was 0.30 percent on Dec. 31, 2008, up from 0.25 percent on Nov. 30.

The secondary lender’s effective duration gap jumped to a positive two months in January from a positive one month in December.

Fannie reported a fourth-quarter 2008 loss of $25.5 billion, better than the $29.0 billion third-quarter loss. The full-year loss was $58.8 billion, soaring from a $2.1 billion loss a year earlier.

Fannie’s regulator, the Federal Housing Finance Agency, submitted a request to the U.S. Department of the Treasury for a $15.2 billion capital infusion.

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