Fannie MBS Issuance Tops $50B Again

Fannie Mae issued $58.4 billion in mortgage-backed securities in September, the company has reported, marking the sixth consecutive month its MBS issuance has exceeded $50 billion.MBS issuance by Fannie and Freddie has been increasing this year while private-label MBS issuance has declined dramatically. But like all mortgage companies, Fannie is experiencing rising delinquencies. The serious delinquency rate on Fannie single-family loans with private mortgage insurance or other credit enhancements hit 2% in September, up 26 basis points from that of a year earlier. Overall, Fannie's single-family mortgage portfolio has a 0.71% serious delinquency rate (90 days or more past due). Fannie's monthly report also shows that its investment portfolio shank by $7.2 billion to $267.4 billion in September and its purchases totaled only $202 million, compared with $2.8 billion in August. Fannie Mae can be found online at http://www.fanniemae.com.