Freddie's Total Mtge Portfolio Falls Annualized 1.6% In May
June 26 2009 - 9:30AM
Dow Jones News
Freddie Mac's (FRE) total mortgage portfolio decreased at an
annualized rate of 1.6% in May.
The company said its refinance-loan purchase volume stood at
$40.3 billion in May, down from $43.3 billion in April.
Freddie said its delinquency rate rose to 2.62% in May, versus
2.44% in April.
Delinquency rates continue to rise to record highs for the
mortgage-finance giant and are an indication of the extent of
decline among prime borrowers with conforming loans.
The delinquency rate was at 0.65% at the end of 2007.
Freddie's total investment portfolio in May was at $823.4
billion, down from $830.29 billion in April.
Over the past couple of months, the role of Freddie and its
sibling Fannie Mae (FNM) have diminished in the mortgage market as
both the U.S. Treasury and the Federal Reserve have emerged as
backstop buyers with deep pockets.
-By Anusha Shrivastava, Dow Jones Newswires; 212-416-2227;
anusha.shrivastava@dowjones.com