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Fannie Mae's gross mortgage portfolio drops 15.2%

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Fannie Mae said its gross mortgage portfolio fell at a compound annualized rate of 15.2% in February, while the government-sponsored enterprise's entire book of business fell 0.7%. The delinquency rate in Fannie's conventional single-family segment fell three basis points in January to 4.45%, while the multifamily serious-delinquency rate fell two basis points, hitting 0.69% in January, the most recent month on record. Comparatively, Freddie Mac noted last week that the seriously delinquent rate of single-family mortgages fell to 3.78% in February, while the multifamily delinquency rate increased to 0.36% in February. The decline in Fannie's mortgage portfolio is occurring as the future of the GSEs remains in limbo, with most of the Treasury's proposed reforms suggesting some type of winding down of Fannie and Freddie. House Republicans this week introduced eight bills to expedite GSE reforms by stopping taxpayer bailouts, increasing transparency and focusing on expenses. Write to Kerri Panchuk.

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