DOW JONES NEWSWIRES
Fannie Mae (FNM) said Tuesday that delinquencies in its mortgage
portfolio continued to rise, putting further pressure on the
mortgage financier.
It and smaller sibling Freddie Mac (FRE) were put into
conservatorship a year ago by the federal government amid fears of
mounting losses.
Fannie said July serious delinquencies, or those at least 90
days behind, rose to 4.17% from 3.94% in June and 1.45% a year
earlier. Fannie's delinquencies have been worse than Freddie's.
The report also showed that Fannie's mortgage portfolio was flat
in August at $779.42 billion, just $10 million above Freddie's.
Fannie's book of business, which includes mortgage-backed
securities and other guarantees, rose $10 billion to $3.23
trillion. Its annualized growth rate was 3.7% for August.
In addition, Fannie's net commitments to purchase mortgages
tumbled 69% from July to $31.76 billion, the lowest figure since
January.
Freddie shares, which have been active and volatile the past
several months, were flat premarket at $1.60.
-By Kevin Kingsbury, Dow Jones Newswires; 212-416-2354;
kevin.kingsbury@dowjones.com
