Fannie Mae’s book of business expanded in the month of May from the year ago period.
Fannie Mae’s book of business expanded at a compound annualized rate of 5.0% for the month of May to $3.150 trillion, up from $3.010 trillion one year ago.
The book of business represents the company’s gross mortgage portfolio and total mortgage-backed securities (MBS) after subtracting the MBS in Fannie Mae’s own mortgage portfolio.
The gross mortgage portfolio at the end of May was $789.6 billion, up from $737.0 billion one year ago.
The total Fannie Mae MBS and other guarantees was $2.711 trillion, up from $2.532 trillion one year earlier.
Fannie Mae’s own MBS in the portfolio was $351.2 billion at the end of the month, up from $259.6 billion last year.
New business acquisitions at the government-sponsored enterprise (GSE) stood at $72.6 billion, up from $69.3 billion at the end of May 2008.
Liquidations – the total amount of repayments, curtailments, payoffs, and foreclosures represented in the mortgage portfolio – stood at $11.8 billion at an annualized liquidation rate of 18.32% from $8.60 billion at a rate of 14.16% one year ago.
The effective duration gap for May, representing the daily average of the difference between the duration of Fannie Mae’s assets and liabilities, remained the same at a one-month average as it was during the year-ago period.
Reported with a lag of one month, the single-family serious delinquency rate for April climbed to 3.42% from 1.22% one year ago