DOW JONES NEWSWIRES
Government-backed mortgage company Freddie Mac (FRE) said its
total mortgage portfolio increased at an annualized rate of 6.6% in
June.
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.
Freddie Mac said its refinance-loan purchase volume rose to
$50.9 billion in June from $40.3 million in May.
Meanwhile, the company said its delinquency rate continued to
rise, climbing to 2.78% from 2.62% in May and 0.93% a year earlier.
The figures continue to reach record highs for the mortgage-finance
giant and are an indication of the extent of decline among prime
borrowers with conforming loans.
Freddie's total investment portfolio increased to $829.8 billion
from $823.4 billion in May.
Shares were recently down 1 cent at 59 cents in premarket
trading.
-By Kerry Grace Benn, Dow Jones Newswires; 212-416-2353;
kerry.benn@dowjones.com