(Adds background, data)
By Julie Haviv
NEW YORK Feb 27 Fannie Mae FNM.P FNM.N,
the largest U.S. home funding company, on Friday said its
mortgage portfolio declined in January, while delinquencies on
loans it guarantees accelerated in the previous month.
The delinquency rate on conventional single-family
mortgages jumped 0.29 percentage point in December -- the most
recent data available -- to 2.42 percent, the company said in
its January monthly summary.
The delinquency rate in January 2008 had been 1.06
The delinquency rate on multifamily mortgages rose 0.05
percentage point in December to 0.30 percent, up from 0.10
percent in January 2008.
Fannie Mae, based in Washington, D.C., said its mortgage
portfolio declined at a 2.6 percent annualized rate in January
to $785.5 billion.
New issues of Fannie Mae mortgage-backed securities rose to
$21.2 billion in January from $37.1 billion in December, Fannie
Freddie Mac FRE.P FRE.N, the second-largest U.S. home
funding company, on Wednesday had reported that delinquencies
on loans it guarantees accelerated as it suspended
Total delinquencies jumped 0.26 percentage points last
month to 1.98 percent, nearly three times that of a year
earlier, according to data on the company's website.
The McLean, Virginia-based company said in its January
monthly volume summary that its mortgage portfolio declined at
an 8.7 percent annualized pace in January to $798.9 billion.
President Barack Obama last week announced a housing rescue
plan that heavily relies on government-controlled Freddie Mac
Fannie Mae to stabilize the housing market, which is in its
worst downturn since the Great Depression.
Under the plan, the companies can expand their portfolios
to $900 billion, from a previous cap of $850 billion, in 2009.
The government also doubled its capital pledge for each of the
companies to $200 billion.
(Additional Reporting by Al Yoon; Editing by Leslie Adler)