Fannie Continues to Report Declines in Loan Purchases

Mortgage purchases by Fannie Mae fell for the fourth consecutive month in November to the lowest level in over two years as refinancing activity continues to slow.

The secondary market agency reported late Tuesday that it acquired $42 billion in mortgages in November, down 14% from October.

In November 2012, Fannie purchased $99 billion in loans from its lenders.

Meanwhile, commitments to purchase new mortgages from lenders fell 14.5% from October to $47 billion in Novemberthe lowest level in over two years.

Tuesday’s report also shows Fannie’s mortgage investment portfolio fell below $500 billion for the first time in over a decade. The GSE regulator has directed Fannie Mae and Freddie Mac to gradually reduce their giant portfolios.

Two years ago, Fannie had over $700 billion in mortgage assets in its investment portfolio.

The serious delinquency rate on Fannie’s guaranteed single-family portfolio fell four basis points from October to 2.44% in November.

Article source: http://www.nationalmortgagenews.com/dailybriefing/Fannie-Continues-to-Report-Declines-in-Loan-Purchases-1040463-1.html

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