Mortgage Daily

Published On: April 25, 2003

$69.2 Billion March Business Purchases at Freddie

Level of activity reverses 2-month trend

April 25, 2003

By MortgageDaily.com staff

Loan activity at Freddie Mac reversed its two-month downward trend to close up 43 percent for March, the company said.

According to their March volume report, new business purchases totaled $69.2 billion, compared to February’s $48.4 billion. The northern-Virginia based corporation’s performance is also up 43 percent from figures a year ago, according to the statement. New business for 2003 year-to-date was reported at $173 billion.

The Congressionally-established corporation posted a total mortgage portfolio value of $1.3 trillion for March 31, 2003.

The statement also said the company issued $59 billion in participation certificates (PCs) in March, resulting in a net gain of $2 billion and ending balance of $1.07 trillion. Freddie’s retained portfolio is valued at $570 billion, the company said.

First quarter earnings reports were not released. The company is in the process of restating 2002 earnings and said the numbers were being held pending the revision of 2002 statements.

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