Fannie Purchases Jump 25% in May

Fannie Mae bought $66.38 billion in mortgages during May, a 26% increase from the level reported for the previous month.Compared with those of the same month last year, the government-sponsored enterprise's purchases were essentially flat. Its gross mortgage portfolio grew to $718.2 billion, a 1% increase from that of May but down from that of a year earlier ($733.8 billion). With lenders tightening their loan menus, Fannie Mae and Freddie Mac are expected to see their market share increase in the months ahead. Fannie Mae can be found online at http://www.fanniemae.com.