Fannie's Purchases Soared in February

Fannie Mae acquired $53.7 billion of mortgages during February, an 86% increase from January, and its best purchase month since June of last year. According to new figures released by the company, Fannie issued $45.3 billion in MBS, more than double its issuance volume of the prior month. (As reported last week, Freddie Mac purchased $40 billion of mortgages in February, an 84% gain from January.) Thanks to the Federal Reserve and Treasury driving rates lower by purchasing billions in MBS, both GSEs are seeing their seller/servicers deliver more product. Fannie ended the month with $36.4 billion in "commitments to purchase" which means in March acquisitions could be strong too. Both GSEs have been operating under a federal conservatorship since early September.