Freddie Purchases Strong in April, But...

Freddie Mac acquired $64.3 billion worth of mortgages in April, its second-best purchase month of the year, but its retained portfolio continued to suffer from the refinancing boom.At the end of April, Freddie Mac held $568.98 billion in mortgages and others assets, compared with $569.52 billion at the end of March. Compared with the same period a year ago, the company's portfolio is up 9%. But over the past 13 months Freddie Mac has suffered from four sequential declines in its portfolio balance. In April its purchase commitments were a moderately strong $25.2 billion, but down from March's $32.2 billion. Its loan purchases grew 44% in April compared with those of a year earlier, but its chief competitor, Fannie Mae, saw its purchases grow by 140%. The company is in the midst of restating its earnings and will release results for the first and second quarters in July. At noon May 22, its shares were trading down $1.72 to $59.02.