Business Slows Again at Fannie Mae

After rising in April and May, ""Fannie Mae's"":http://www.fanniemae.com/portal/index.html book of business shrank once more in June, according to the GSE's monthly volume summary.

The latest summary shows Fannie Mae's book of business contracted at a compound rate of 1.9 percent in June, turning down from 0.3 percent and 0.2 percent gains in May and April (respectively). Year-to-date, the book's monthly average growth rate has come to -1.0 percent.

As of the end of June, the book's value totaled $3.174 trillion, down from $3.179 trillion in May.

New business acquisitions also slipped, coming to $72.6 billion compared to May's $78.0 billion and June 2012's $70.6 billion.

Fannie Mae's gross mortgage portfolio continued to shrink, though not as quickly as in May, contracting at an annual rate of 18.4 percent. Through the first half of the year, the average monthly growth rate for the portfolio was -20.3 percent.

The Conventional Single-Family Serious Delinquency Rate was 2.77 percent in June, down 6 basis points. The Multifamily Serious Delinquency Rate was 0.28 percent, down 2 basis points.

Fannie Mae completed 12,967 loan modifications in June, down from 13,650 in April. The company reported a total of 83,511 loan modifications in the first six months of 2013.