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Serious Delinquency Soars at Fannie

Serious Delinquency Soars at Fannie$72.6 billion May volume

June 29, 2009

By MortgageDaily.com staff

Fannie Mae saw a jump in new monthly business. But serious residential delinquency climbed to a new high, while multifamily delinquency has quadrupled over the past year.

Business acquisitions rose to $72.6 billion in May from the prior month’s $57.6 billion, a monthly summary from the Washington, D.C.-based firm indicated. A year prior, volume was $69.3 billion.

Business contrasted that of secondary rival Freddie Mac, which reported May purchases and issuances of $50.2 billion compared to $58.1 billion in April and $65.1 billion a year prior.

From January through May, Fannie’s volume totaled $305.6 billion.

Fannie’s total book of business ended May at $3.150 trillion, higher than $3.137 trillion on April 30. The book of business included an $0.790 trillion gross mortgage portfolio and $2.360 trillion in outstanding mortgage-backed securities.

Residential delinquency of at lest 90 days — which already stood at a record 3.15 percent in the prior report — shot up to 3.42% as of April 30. Late payments, reported on a one-month lag, were just 1.22 percent in April 2008.

Multifamily delinquency rose 2 basis points from March to 0.36 percent at the end of April. But compared to April 2008, apartment delinquency was up 300 percent.


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