""Fannie Mae's"":http://www.fanniemae.com/portal/index.html book of business shrank for the second consecutive month in July as its gross mortgage portfolio continued to decline, the company reported in its monthly volume summary.
[IMAGE]According to Fannie Mae, the book of business shrank at a compound rate of 1.7 percent in July, slowing down slightly from June's rate of 1.9 percent. Year-to-date, the [COLUMN_BREAK]
book's average monthly growth rate was -1.1 percent as of July 31.
The book's value totaled approximately $3.169 trillion at the end of the month, down about $5 billion from June.
After slowing in June, the ongoing contraction in Fannie Mae's gross mortgage portfolio picked up speed, climbing to an annual growth rate of -32.4 percent. The last time the portfolio plummeted that quickly was January 2010, when the rate was -44.8 percent. Year-to-date through July, the portfolio's average monthly growth rate was -22.1 percent.
Meanwhile, new business acquisitions did a little better, edging up to $73.4 billion from June's $72.6 billion.
The Conventional Single-Family Serious Delinquency Rate was 2.70 percent in July, down seven basis points. The Multifamily Serious Delinquency Rate was 0.18 percent, a drop of 10 basis points.
Fannie Mae completed 11,870 loan modifications, bringing the year's total to 95,381.