Fannie Mae issued $53.1 billion of mortgage-backed securities in June, the highest level since it issued $61 billion in September 2005, according to the government-sponsored enterprise.Fannie's monthly summary also reported that $47.2 billion of the $122.8 billion of nonagency mortgage securities in its portfolio as of the end of June were backed by subprime loans. Of the $47.2 billion, approximately $46.9 billion was rated triple-A (or the equivalent) by at least two nationally recognized rating agencies, and none of the subprime-backed MBS had been downgraded, Fannie Mae said. The GSE's gross mortgage portfolio grew to $722.5 billion in June, up from $718.3 billion in May but down from $730.9 billion a year earlier. Fannie Mae can be found online at http://www.fanniemae.com.

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