New Business Keeps Shrinking at Freddie Mac

first_imgNew Business Keeps Shrinking at Freddie Mac Delinquency Freddie Mac Mortgage-Backed Securities Refinance 2014-03-28 Tory Barringer in Daily Dose, Headlines, News, Secondary Market Freddie Mac’s book of business declined during both of the first two months of this year with an annualized growth rate of -2.2 percent during the month of February, according to the GSE’s monthly volume summary.Year-to-date, the annualized growth rate for Freddie Mac’s portfolio is -2.0 percent, on par with the growth rate of -2.1 percent reported for the year in 2013.Purchases and issuances in February totaled $17.0 billion.Single-family refinance purchases and guarantees accounted for 53 percent of total single-family purchases and issuances in February, totaling $8.6 billion for the month. Relief refinances made up 38 percent of those refinances, based on unpaid principal volume.New multifamily business totaled $0.7 billion in February, bringing the year-to-date total to $2.0 billion.Mortgage-related securities and other guarantee commitments increased in February at an annualized rate of 1.4 percent, according to the GSE.Freddie Mac completed 6,570 loan modifications during the second month of the year.The serious delinquency rate for single-family mortgages in Freddie Mac’s portfolio declined to 2.29 percent in February, while the multifamily delinquency rate remained unchanged from January at 0.05 percent. Single-family delinquencies at the GSE have declined uninterrupted since October 2012.Unpaid principal balance on mortgage-related investments in Freddie Mac’s portfolio declined $11.8 billion in February.center_img Share March 28, 2014 430 Views last_img