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5-Year Low for New Business, Delinquency at Fannie

It’s been five years since new secondary activity at the Federal National Mortgage Association has been this slow. It’s been even longer since delinquency was this low

In January, Fannie Mae had $30.734 billion in new business acquisitions, according to a monthly operational report.

Business was down from December, when volume totaled $39.695 billion, and January 2013, when secondary activity was $88.416 billion.

The last time volume was this slow was in January 2009, when new business acquisitions amounted to $28.829 billion.

The Washington, D.C.-based company reported a total book of business of $3.1553 trillion as of Jan. 31. The balance fell from $3.1647 trillion at the end of 2013 and $3.1856 trillion as of Jan. 31, 2013.

The most recent total included a gross mortgage portfolio of $0.4807 trillion and $2.6746 trillion in outstanding mortgage-backed securities.

Fannie said that delinquency of at least 90 days on its residential book was 2.33 percent, improving from 2.38 percent as of Dec. 31, 2013, and 3.18 percent as of Jan. 31, 2013.

Home loan delinquency sits at its lowest level since November 2008, when it was 2.13 percent, and hasn’t moved up since February 2010, when it stood at 5.59 percent.

On the commercial mortgage side, multifamily delinquency of at least 60 days was 0.10 percent in January, the same as a month earlier and way down from 0.35 percent a year earlier.

Prior to December, multifamily delinquency hadn’t been this low since May 2008, when the rate was 0.09 percent.

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