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Investments / The Ticker

Freddie Mac mortgage portfolio shrinks

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Total mortgage purchases and issuances at Freddie Mac reached $42.4 billion in May while the GSE also liquidated $41.3 billion of loans, causing its mortgage portfolio to decrease at an annualized rate of 3%, according to its monthly volume summary report.

The enterprise saw its mortgage portfolio reverse course and decline this month, suggesting the enterprise is in line with the Federal Housing Finance Agency’s goal to wind down the government-sponsored enterprise.

Single-family refinance-loan purchase and guarantee volumes reached $30.5 billion in May, representing 72% of the GSE's total mortgage portfolio purchases of issuances.

Additionally, relief refinance mortgages comprised 33% of the GSE’s total refinance volume during the month based on unpaid principal balance, unchanged from April.

Freddie Mac modified 6,165 loans in May and 32,846 in the first five months of the year.

The unpaid principal balance of the agency’s mortgage-related investment portfolio decreased by $9.8 billion.

Meanwhile, mortgage-related securities and other guarantee commitments increased at an annualized rate of 2.2% in May.

Seriously delinquent single-family mortgages shrunk from 2.91% in April to 2.85% in May. The multifamily delinquency rate also fell from 0.09% in April to 0.08% in May.

The measure of the GSE’s exposure to changes in the portfolio market value averaged $359 million in May, Freddie added.

 

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