Fannie Mae (FNMA.OB) expanded it mortgage portfolio in June, while the rate of late payments on loans it guarantees fell in May, the largest U.S. home loan purchaser said on Friday.
The serious delinquency rate has improved as Fannie Mae repurchases these severely troubled loans in bulk from its securities trusts, aiming to ease the drain on capital.
The rate for single-family mortgages fell to the year's low of 5.15 percent in May, the latest figures available, from 5.30 percent in April after rising as high as 5.59 percent in February. Fannie Mae said its June total book of business, gross mortgage portfolio and other measures include about $19 billion of these repurchased loans that will not be reflected as liquidated from its mortgage-backed securities until July.
The total book of business fell 10.9 percent to $3.219 trillion, which pulled it down 1.3 percent year to date.
The gross mortgage portfolio rose 6.3 percent in June, or about $4.1 billion, to $817.8 billion, up 12.1 percent year to date.
Taking into account net outstanding commitments to sell $5.3 billion, the portfolio was $812.5 billion at the end of June. Fannie Mae said its total debt outstanding increased in June by nearly $21 billion to $860.8 billion.
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