Freddie Breaks Purchase Record

Freddie Mac acquired $74.34 billion in mortgages during November, yet another record month for the secondary market giant.Moreover, its purchase commitments rose in November (from October), indicating that December will likely turn out to be another stellar month for the company. With one month left to report, Freddie Mac has purchased a record-breaking $551 billion in home mortgages in 2002. Its issuance of participation certificates totaled $473.8 billion through the first 11 months of the year. In November its portfolio grew to $549.38 billion, a 14% gain from a year earlier. Freddie's chief competitor in the secondary market, Fannie Mae, acquired $129.13 billion in home mortgages in November, a record for that company, too. Both government-sponsored enterprises have benefited from record production volumes in the primary market. It is anticipated that 2003 could be yet another $2 trillion-plus year for residential funders.