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Strategies & Market Trends : Real estate and credit file cabinet - please read rules befo

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From: Ramsey Su	3/23/2006 1:53:55 PM
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FNM portfolio shrinking - no more conforming borrowers left? yahoo.reuters.com Fannie Mae portfolio slides 7.2 pct in February Thu Mar 23, 2006 8:59 AM ET NEW YORK, March 23 (Reuters) - Fannie Mae (FNM.N: Quote, Profile, Research), the largest U.S. home funding company, on Thursday said that its mortgage portfolio shrank by annualized 7.2 percent in February after declining 3.1 percent in January. The retained mortgage holdings ended last month at $720.8 billion, as the portfolio extended the shrinking pattern seen each month but one dating back through all of last year. Fannie Mae's mortgage holdings slid by an annualized 19.6 percent last year. The company has been downsizing its portfolio because mortgage assets have been costly and there has been increased competition from other investors. Also, the company had been raising capital to meet regulatory requirements due to accounting problems that will spur an estimated $11 billion earnings restatement. The company also said its average duration gap averaged zero months in February, unchanged from January. That measure of interest rate risk suggests the duration of the company's assets and liabilities are evenly matched. © Reuters 2006. All Rights Reserved.

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