Fannie Mae‘s total book of business contracted at a compound rate of 10.9% to $3.22trn in June. Fannie’s book of business include about $19bn of loans purchased from mortgage-backed security (MBS) trusts in June that won’t be reflected as liquidated from MBS until July. Excluding these repurchases, the total book of business would have grown at a compound annualized rate of 0.3% in June. Within the company’s mortgage portfolio, Fannie added $27.6bn in purchases and recorded $6.2bn in sales and $17.2bn in liquidations. Due largely to the $19bn of buybacks, Fannie’s mortgage portfolio grew at a compound rate of 6.3% in June. The June growth arrives after Fannie’s mortgage portfolio passed $813bn in May, climbing $24bn from April. The conventional single-family serious delinquency rate fell 15 basis points (bps) to 5.15% in May, the latest month of delinquency data. A year ago, the delinquency rate was 3.68%. The multifamily serious delinquency rate slipped 2 bps to 0.76% in May but is up 26 bps over 0.5% at the same time last year. Write to Diana Golobay. Disclosure: the author holds no relevant investments.

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