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Deterioration Deepens at Fannie

Secondary activity sank to an 11-month low at the Federal National Mortgage Association, and residential delinquency continued its trek deeper into record territory. Multifamily delinquency, however, improved.

New business acquisitions were $43.1 billion last month, down from October’s $58.9 billion, according to monthly operational data from the Washington, D.C.-based firm. Volume was higher, however, than $29.7 billion in November 2008 — shortly after the company was seized and bailed out by the government.

From Jan. 1 to Nov. 30, secondary activity amounted to $751.8 billion.

Fannie Mae’s total book of business finished November at $3.2158 trillion, declining from $3.2344 trillion a month earlier. The book of business was $3.0873 trillion on Nov. 30, 2008.

Last month’s book included an $0.7522 trillion gross mortgage portfolio and $2.4636 trillion in outstanding mortgage-backed securities.

The secondary lender reports delinquency on a one-month lag. During October, residential delinquency of at least 90 days was a record 4.98 percent, jumping from 4.72 percent the prior month and 1.89 percent the prior year.

Multifamily delinquency of at least 60 days was 0.61 percent, lower than 0.62 percent in September but worse than 0.21 percent during October 2008.

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