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Mortgage News Daily combines the expertise of some of the housing industry's leading minds with the power of social media to offer an always lively, constantly evolving web community. MND communicates breaking news, streams video, and provides expert opinion and commentary to a community of interested market professionals and curious consumers.Fannie Mae Delinquences Continue to Climb
Posted to:
MND NewsWire
Wednesday, November 25, 2009 11:08 AM
Activity in Fannie Mae's portfolios declined according to most
metrics during the month of October as compared to September.
Delinquency rates reported, however, continued to increase.
In their monthly summary,
Fannie Mae reported the corporation's Book of Business declined at a
compound annualized rate of (3.1) percent during the month. The
current Book of Business is $3.23 trillion, an increase 4.8 percent
thus far in 2009.
The retained portfolio declined 27.8 percent
to $771.5 billion during October. The portfolio has declined 2.4
percent thus far in 2009. The principal decline was in non-Fannie Mae
Agency Securities which dropped from $60.6 billion to $49.4 billion.
Mortgage loans increased by about $5 billion and non-Agency securities
decreased a little over $5 billion. Fannie Mae, along with Freddie Mac
is mandated to reduce its portfolio by 10 percent a year beginning in
2010 until the portfolio of each corporation reaches $250 billion.
The
corporation issued $40.7 billion in Mortgage Backed Securities in
October compared to $59.3 billion in September. Liquidations were
$41.1 billion and $44.6 billion respectively. The annualized
liquidation rate for October was 17.7 percent.
Commitments to
purchase totaled $64.5 billion and commitments to sell were $60.6
billion compared to $69.7 billion and $61.8 billion respectively in
September. Net retained commitments during the month were 3.9 billion
and are $45.1 billion for the year.
Market Value Sensitivity at
50 bp rate level shock was (0.5) compared to (0.8) in September and at
25 bp it was unchanged at (0.2). The effective duration gap was (1)
month compared to (2) months in September.
Serious delinquencies
in the portfolio - defined as 60 days or more overdue or in foreclosure
- are reported by Fannie Mae one month behind other data. The
September rate reached 4.72 percent for single family mortgages
compared to 4.45 percent in August and 1.72 percent one year earlier.
Non credit enhanced mortgages had a 3.09 percent rate and 12.16 percent
of mortgages with mortgage insurance (credit enhanced mortgages) were
delinquent compared to 2.87 percent and 11.52 percent respectively in
August and 0.96 percent and 4.68 percent in September 2008. The
multi-family portfolio had a delinquency rate of 0.62 percent compared
to 0.56 percent and 0.16 percent in earlier reporting.
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YOUR MESSAGE HERE
Fannie Mae Delinquences Continue to Climb
Posted to:
MND NewsWire
Wednesday, November 25, 2009 11:08 AM
Activity in Fannie Mae's portfolios declined according to most
metrics during the month of October as compared to September.
Delinquency rates reported, however, continued to increase.
In their monthly summary,
Fannie Mae reported the corporation's Book of Business declined at a
compound annualized rate of (3.1) percent during the month. The
current Book of Business is $3.23 trillion, an increase 4.8 percent
thus far in 2009.
The retained portfolio declined 27.8 percent
to $771.5 billion during October. The portfolio has declined 2.4
percent thus far in 2009. The principal decline was in non-Fannie Mae
Agency Securities which dropped from $60.6 billion to $49.4 billion.
Mortgage loans increased by about $5 billion and non-Agency securities
decreased a little over $5 billion. Fannie Mae, along with Freddie Mac
is mandated to reduce its portfolio by 10 percent a year beginning in
2010 until the portfolio of each corporation reaches $250 billion.
The
corporation issued $40.7 billion in Mortgage Backed Securities in
October compared to $59.3 billion in September. Liquidations were
$41.1 billion and $44.6 billion respectively. The annualized
liquidation rate for October was 17.7 percent.
Commitments to
purchase totaled $64.5 billion and commitments to sell were $60.6
billion compared to $69.7 billion and $61.8 billion respectively in
September. Net retained commitments during the month were 3.9 billion
and are $45.1 billion for the year.
Market Value Sensitivity at
50 bp rate level shock was (0.5) compared to (0.8) in September and at
25 bp it was unchanged at (0.2). The effective duration gap was (1)
month compared to (2) months in September.
Serious delinquencies
in the portfolio - defined as 60 days or more overdue or in foreclosure
- are reported by Fannie Mae one month behind other data. The
September rate reached 4.72 percent for single family mortgages
compared to 4.45 percent in August and 1.72 percent one year earlier.
Non credit enhanced mortgages had a 3.09 percent rate and 12.16 percent
of mortgages with mortgage insurance (credit enhanced mortgages) were
delinquent compared to 2.87 percent and 11.52 percent respectively in
August and 0.96 percent and 4.68 percent in September 2008. The
multi-family portfolio had a delinquency rate of 0.62 percent compared
to 0.56 percent and 0.16 percent in earlier reporting.
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