Home >> News >> Data >> Freddie Mac Records 3.5% Drop in May
Freddie

Freddie Mac Records 3.5% Drop in May

""Freddie Mac"":http://www.freddiemac.com/ reported the decline of its overall mortgage portfolio by an annual rate of 3.5 percent over May, signaling losses for the government-sponsored enterprise (GSE) in a mortgage market the federal officials want to hand back to private investors.

[IMAGE] [COLUMN_BREAK]

Issuing its monthly volume update, the GSE's origination volume for single-family refinance-loan purchases dropped to $13.3 billion over May, reflecting 58 percent of total mortgage purchases and issuances.

""Freddie"":http://www.freddiemac.com/ reported that volume levels sat at $16.6 billion in April, sharing 70 percent of all mortgage issuances and purchases. That same month, the GSE's mortgage-related securities and guarantees saw an annual decline at 2.4 percent.

The GSE modified 8,891 loans less than the nearly 11,000 it completed in April, marking a 55,398 loan modification period in May. The monthly update also recorded a decline in single-family seriously delinquent loans to 3.53 percent in the same month, contrasting with 4.06 percent in May last year.

Multifamily delinquency rates showed progress from last year, going up 0.29 percent, though still declining to 0.38 percent from 0.4 percent in April.

About Author: Ryan Schuette

Ryan Schuette is a journalist, cartoonist, and social entrepreneur with several years of experience in real-estate news, international reporting, and business management. He currently lives in the Washington, D.C., area, where he freelances for DS News and MReport.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

x

Check Also

Production Profits, Volumes Drop at Independent Mortgage Lenders

Despite a record-high first mortgage loan balance, independent mortgage banks and mortgage subsidiaries weathered falling production profits and production volumes in 2017.

GET THE NEWS YOU NEED, WHEN YOU NEED IT.

With daily content from MReport, you’ll never miss another important headline in originations, lending, or servicing. Subscribe to MDaily to begin receiving a complimentary daily email containing the top mortgage news and market information.