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To: Giordano Bruno who wrote (179814)	7/15/2002 8:04:23 AM
From: TheStockFairy	Read Replies (1) \| Respond to of 436258

Fannie Mae Portfolio Growth Slows Mon Jul 15, 7:32 AM ET NEW YORK (Reuters) - Fannie Mae , the biggest U.S. mortgage finance company, said on Monday the size of its mortgage investment portfolio grew at its slowest pace in more than two years. Its investment portfolio growth, a barometer of how quickly Fannie Mae is expanding, slipped to a compound annual rate of 0.8 percent, matching its slowest level since April 2000. In the first half of 2002, Fannie Mae's investment portfolio is growing at a compound annual rate of 10.3 percent, compared with a growth rate of 16.1 percent for all of 2001. Fannie Mae and its sibling government sponsored enterprise Freddie Mac have been buying fewer mortgage loans and bonds for investments this year because they become expensive relatively to their own borrowing cost. Fannie Mae's bought $16.3 billion in mortgage assets for its portfolio, down $1.1 billion from May. The company, based in Washington, said it issued $22.2 billion in commitments for future purchases last month, up from $18.2 billion in May. On the other hand, Fannie Mae's book of business -- sum of its investment portfolio and the outstanding mortgage-backed securities held by outside investors -- grew by 16 percent in June, up from May's 13 percent.