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New Freddie Business Jumps to 16-Month High

Freddie Mac’s secondary activity was stronger last month than it’s been since the summer of 2013, and delinquency fell to its lowest level since 2008.

In the final month of last year, purchases and issuances at the McLean, Va.-based firm were $31.917 billion.

The last time business was this good for Freddie was in
August 2013, when volume was $35.963 billion.

December’s purchases and issuances
increased from $29.455 billion a month earlier and $25.434 a year earlier.

During all 12 months of 2014, secondary volume was $291.397 billion, sinking from the $452.941 billion Freddie reported for 2013.

Separately, Freddie reported that it generated $28.3 billion in loan purchase and bond guarantee multifamily volume during 2014, increasing from $25.9 billion the previous year.

Last year’s apartment deals were the second-most on record for Freddie.

There were 21 multifamily securities offerings for $22.4 billion executed last year at Freddie, including $21.3 billion in K-Deals.

The total mortgage portfolio landed at $1.9101 trillion as of year-end 2014, expanding from $1.9030 trillion as of Sept. 30. The massive portfolio has diminished, however, compared to the end of 2013, when it stood at $1.9147 trillion.

Last month’s total portfolio was comprised of an $0.4084 trillion investment portfolio and $1.5017 trillion in outstanding
mortgage-related securities and other guarantee commitments.

Loan performance continued to improve on residential loans, with the 90-day delinquency rate plowing down to 1.88 percent — the lowest rate since December 2008’s 1.72 percent.

Serious delinquency was 1.91 percent in November 2014 and 2.39 percent in December 2013.

A one-basis-point increase from the previous month left the 60-day multifamily delinquency rate at 0.04 percent at the end of last year.

But apartment delinquency has improved compared to the end of 2013, when the 60-day rate was 0.09 percent.

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