I think we were too early, but bust is around the corner ...
Fannie Mae Feb mtge purchase commitments $26.5 bln
NEW YORK, March 10 (Reuters) - Fannie Mae's (NYSE:FNM - news) commitments to purchase mortgages were $26.5 billion
in February, the government-sponsored entity (GSE) said on Wednesday, with a strong showing also seen in mortgage purchases
and mortgage-backed issuance.
The net mortgage portfolio grew by $13.5 billion to $432.5 billion, an annualized growth rate of 38.6 percent compared with 11 percent in January.
Also, Fannie Mae said, the year-to-date annualized net mortgage portfolio growth rate was 25 percent.
The GSE also reported mortgage purchases at $22 billion in February, up from $14 billion in January. Portfolio liquidations were $8.4 billion in February compared
with $9.8 billion in January.
Net commitments to purchase mortgages, at $26.5 billion for February, were the second highest on record for the GSE and up from $20.8 billion in January.
Total mortgage-backed securities (MBS) outstanding increased by $15.9 billion in February to reach $866.9 billion, a 22.4 percent annualized growth rate
compared with 23.8 percent in January.
MBS issues were $33.4 billion in February compared with $40.8 billion in January. Liquidations decreased to $17.5 billion in February from $24.3 billion in
January.
Fannie Mae's net interest margin decreased four basis points to 101 basis points in February as a result of lower average mortgage-backed securities (MBS) float
balances and an increase in longer-term callable debt issues funding mortgage purchases.
Also, the GSE said, the conventional single-family at-risk serious delinquency rate was 0.6 percent in January, compared with 0.58 percent in December of last
year.
The conventional multifamily at-risk serious delinquency rate was an all-time low 0.27 percent in January compared with 0.29 percent in December. |
