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Mixed Results at Fannie

Mixed Results at Fannie$53.8 billion January business acquisitions

March 30, 2009 (updated 3:26 p.m.)

By staff

New business was better last month at Fannie Mae. But delinquency was higher than at any other time on record.The Washington, D.C.-based company today reported $53.8 billion in new business acquisitions during February. Volume soared from $28.8 billion in January — the lowest month on record — but was well below $78.4 billion a year earlier.

So far in 2009, volume stands at $82.6 billion.

Fannie said its total book of business was $3.114 trillion at the end of last month, higher than $3.109 trillion at the end of January. The total included a gross mortgage portfolio of $0.785 trillion and $2.329 trillion in outstanding mortgage-backed securities.

Residential delinquency of at least 90 days, reported on a one-month lag, was 2.77 percent on Jan. 31, rising from 2.42 percent on Dec. 31 and 1.06 percent 12 months earlier.

Late payments have never been this high based on the oldest data available at dating back to January 2001.

A Fannie spokesman confirmed that delinquency was at the highest level since the government-sponsored enterprise began reporting monthly single-family delinquency statistics in 1998.

Multifamily delinquency of at least 60 days, meanwhile, eased 0.03 percent from December to 0.27 percent as of Jan. 31.

Fannie’s effective duration gap increased to a positive three months during February and has increased each of the past three months.

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