Freddie Mac’s Portfolio Grows. Delinquency Rate Continues to Rise

Freddie Mac released their activity summary today. This data reports on monthly and year-to-date activity for Freddie Mac's Total Mortgage, Retained and Total PC portfolios. It also contains monthly delinquency rates and interest rate risk sensitivity disclosures.

Freddie Mac's total mortgage portfolio increased by $1.44 billion to $2.24 trillion in September, much less than the $6.94 billion increase reported in August and well below the $38.65 expansion seen in March 2009.  Refinance-loan purchase volume was $21.4 billion inrnSeptember, down from $35.6 billion in August. Year to date Freddie Mac's total mortgage portfolio has grown by $35.23 billion.

Freddie Mac's retained portfolio of mortgage investments grew $4.76 billion torn$784.17 billion in September. Purchases in the retained portfoliorntotaled $18.84 billion, nearly double the $9.49 billion purchased inrnAugust.   Sales totaled $3.2 billion, much less than the $15.95 billion and $33.43 in sales reported in August and July respectively.  Freddie Mac liquidated $10.79 billion in loans in September, the lowest amount since January 2009.

Under an agreement with the Department of the TreasuryrnFreddie Mac's retained portfolio is capped at $900 billion until the end ofrnthis year when it must begin to go down at the rate of 10 percent each yearrnuntil it reaches $250 billion.

Single family delinquencies (90+ days or in foreclosure)rnrose from 3.13 percent of their portfolio in August to 3.33 percent in September.  One year earlier the rate was 1.22rnpercent. 

Within that delinquency figure,rnthe rate for non-credit enhanced single-family mortgages was 2.6 percent andrnfor credit enhanced mortgages was 6.98 percent. rnThese were both slight increases over August rates.  Multi-family delinquencies were 0.11rnpercent.  That figure has nearlyrnquadrupled this year.  In Januaryrnmulti-family delinquencies were are 0.3 percent.

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