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Fannie Mae Gross Mortgage Portfolio Shrank 19.2% In April | The Commercial Finance Blog

Fannie Mae Gross Mortgage Portfolio Shrank 19.2% In April

by LJ Miehe on May 29, 2009

(Dow Jones) Fannie Mae saw its volume of refinanced mortgages drop in April to $45.5 billion from a high of $77 billion in March, its largest since 2003, according to a monthly report released Friday.

The mortgage giant’s investment portfolio shrank again, this time by 19.2%, keeping its total balance at $770.062 billion, well short of the curbs set by its regulator, according to the report from the company.

The mortgage company, which is under government conservatorship, expects to see these volumes stay at elevated levels as mortgage rates remain low, and the government widens the eligibility of refinanceable loans under its Making Home Affordable Program.

Meanwhile, the mortgage finance company said its delinquency rate rose to 3.15% in March from 2.96% in February, according to the report. This compares to a delinquency rate of 1.06% in January 2008.

The company says these numbers are elevated as a result of its moratorium on foreclosures that ended in March.

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