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Fannie Mae News: Book of Business Declines in July
A pickup in new business failed to provide positive growth for Fannie Mae's [2] book of business in July, resulting in another month of contraction.
The company reported [3] -0.6 percent annualized growth in its book in July, marking the eighth straight month of declines. While still negative, July's negative growth rate was the lowest so far this year, bringing the year-to-date average to -2.0 percent.
As of July 31, Fannie Mae's book was valued at approximately $3.13 trillion.
New business acquisitions totaled just less than $40 billion throughout the month, a nearly 12 percent rise over June and the strongest month for new business since last November, Fannie Mae reported.
New purchases in Fannie Mae's portfolio were up to $17.2 billion, their highest level since last October 2013. At the same time, sales and liquidations both rose, resulting in an annualized 7.4 percent decline in the portfolio to an estimated $449.9 billion.
Meanwhile, single-family serious delinquency continued to fall, dipping 5 basis points to an even 2 percent, Fannie Mae reported. Multifamily delinquency was steady at 0.10 percent for the third straight month.
The company reported 10,812 loan modifications in July. Year-to-date, loan modifications have totaled 78,866.
Fannie Mae has been under conservatorship of the Federal Housing Finance Agency (FHFA [4]) since September 2008.