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Freddie Mac buys $44B in loans in June

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Freddie Mac bought $44.1 billion worth of loans in June, but sold or liquidated $48.2 billion, causing its mortgage portfolio balance to shrink at an annualized rate of 2.5% in June, according to its monthly volume summary report.

The agency reduced its portfolio by $4.1 billion to $2.012 trillion in June. The portfolio contracted $16 trillion in May. Freddie continues its mandated action toward shrinking its presence in the mortgage market after reducing its portfolio at an annualized rate of 9.4% in May and 14.1% in April.

Freddie modified 6,597 loans in June, up from 5,091 modifications in May. It has modified 28,819 loans in 2012.

The unpaid principal balance on the agency’s mortgage-related investment portfolio rests at $581.3 billion, falling about $10.7 billion in the month after a $9.5 billion decrease in May.

Seriously delinquent single-family mortgages shrunk 0.05% to 3.45% in June, according to Freddie's report. The multifamily delinquency rate moved up 0.01% to 0.27% in the same period.

Freddie’s total single-family purchases and guarantee volume in June includes an increase of $8 billion in Home Affordable Refinance Program loans. The agency’s single-family refinance loan purchase and guarantee volume totaled $31 billion, representing 70% of total mortgage portfolio purchases and issuances, down from 72% in May.

@JustinHilley

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