Freddie Mac's Portfolio Continues to Contract

by devteam April 25th, 2012 | Share

According to Freddie Mac’s Monthly Volume Summary for March, the corporations’ total mortgage portfolio decreased at an annualized rate of 2.9 percent in March compared to a decrease of 3.3 percent in February.  So far this year the portfolio has shrunk by 3.8 percent.  The volume of single-family refinance-loan purchase and guarantee volume was $34.9 billion representing 83 percent of the total mortgage portfolio.</p

The unpaid principal balance of the mortgage related investments portfolio at the end of the period was $618.3 billion compared to 627.3 billion at the end of February.  The portfolio is composed of $201.8 billion in PCs, REMICs, and other structured securities, down from $206.1 billion in February; $20.3 billion in Agency securities compared to $31.0 billion; $138.3 billion in non-Agency securities ($139.8 billion) and $248.0 billion in mortgage loans, down from $250.9 billion the previous month.  The total mortgage portfolio balance was 2.056 trillion compared to $2.061 trillion the month before.  The annualized growth of the total portfolio thus far in 2012 is -3.8 percent.</p

The measure of Freddie Mac’s exposure to changes in portfolio market value (PMVS-L) averaged $233 million in March with a duration gap that averaged 0 months.</p

The single family seriously delinquent rate was 3.51 in March, down from 3.57 percent in February.  The rate for the non-credit enhanced portion of the portfolio was 2.90 percent and the credit enhanced rate was 8.02 percent.  Multi-family delinquencies increased from 0.21 percent to 0.23 percent.</p

Freddie Mac approved 4,308 loan modifications in March 2012 and 13,677 for the three months ended March 31, 2012.

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About the Author


Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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