The size of Fannie Mae's Gross Mortgage
Portfolio dropped in July by the largest percentage in at least two years, falling
from an ending balance in June of
$565.20 billion to $547.05 billion by the end of July, a compounded
annual growth rate of -32.4 percent. The
compounded growth rate in the portfolio thus far in 2013 is -22.1 percent.
The decline in the portfolio came mainly
from several areas of activity but primarily Sales and Net Retained Commitments. Commitments to Purchase were down from $74.33
billion in June to $62.45 billion and Commitments to sell were down from
-$72.24 billion to -$67.72 billion. Thus
Net Retained Commitments fell from $2.09 billion to -$5.28 billion. Purchases for the portfolio totaled $22.12
billion compared to $24.57 billion. Sales rose from -$23.51 to -$29.45 billion and
liquidations from -$10.71 to -$10.81 billion.
The compounded growth rate for the company's
Total Book of Business decreased by 1.7 percent from a balance of $3.173
trillion in June to $3.169 trillion in July.
The year-to-date compounded growth rate for the Total Book is -1.1
In addition to the Gross Mortgage
Portfolio the Total Book was composed of $2.770 trillion in Fannie Mae
Mortgage-Backed Securities (MBS) and other Guarantees and $147.99 billion of
MBS in Portfolio. New Business
Acquisitions during the month were $73.39 billion, a total of $541.35 billion
Fannie Mae MBS had an ending balance of
$2.738 trillion, up from $2.728 trillion in June. Issuances totaled $73.09
billion (compared to $67.34 billion) and liquidations -$63.00 billion from -$69.63
billion. The Annualized Liquidation Rate
was -27.72 percent in July and is -30.84 percent thus far in 2013.
Fannie Mae MBS and other Guarantees were
$32.48 billion for the month; in June they were $32.77 billion. The compound growth rate in that portfolio
was 4.3 percent for the month and 1.8 percent year to date. Mortgage loans were $336.13 billion in July
compared to $343.74 billion in June.
Fannie Mae's serious delinquency rate
was 2.70 percent at the end of July, down from 2.77 percent the previous month
and 3.50 percent in July 2012. The rate
for non-credit enhanced loans was 2.24 percent compared to 2.30 percent in June
and 2.84 percent a year earlier. The
credit-enhanced loan delinquency rate was 5.57 percent, down from 5.79 percent
and 7.76 percent in the two earlier periods.
The multifamily delinquency rate was 0.18 percent, 10 basis points below
the June rate and 8 below the rate in July 2012.
The company said it completed 11,870
loan modifications in July. This brings
the number of modifications in 2013 to 95,281.