With FHFA in charge Im afraid that seems a bit optimistic given that the more FHFA takes for the government the less is left for the commons.September 2015 Monthly Summary is now available. The monthly summary report contains information about Fannie Maes monthly and year-to-date activities for our gross mortgage portfolio, mortgage-backed securities and other guarantees, interest rate risk measures, serious delinquency rates, and loan modifications.Fannie Maes gross mortgage portfolio contracted at a compound annualized rate of 21.3 percent in September, marking the sixth consecutive month of contraction and the seventh in nine months in 2015, according to Fannie MaesSeptember 2015 Monthly Volume Summaryreleased Wednesday.Over the month, the value of the gross mortgage portfolio declined by more than 7.5 billion, from 377.9 billion in August down to 370.4 billion in September. The portfolio expanded in January and March of 2015 at rates of 3.5 percent and 7.8 percent, respectively, but has contracted in every other month this year. The minimum rate of contraction for one month in 2015 was 13.8 percent reached in June. Overall, the portfolio has contracted at an annualized rate of 13.6 percent for the first nine months of 2015.The gross mortgage portfolio has seen expansion in only four months out of the last 63 since June 2010 (March 2015, January 2015, and December 2012). At the beginning of that stretch in June 2010, the portfolios value was 818 billion. At the start of 2015, the portfolios value was 414.8 billion.Despite the contraction of the gross mortgage portfolio, Fannie Maes Book of Business expanded at a compound annualized rate of 0.9 percent in September, only the third time in nine months this year it has done so. The Book of Business has contracted at an average compound annualized rate of 0.9 percent for the first nine months of 2015. At the end of September, the Book of Business was valued at 3.103 trillion at the end of September after the expansion. The total value of Fannie Maes mortgage-backed securities and other guarantees for September was 2.818 trillion, an increase from Augusts total of 2.811 trillion.The serious delinquency rate on single-family mortgage loans backed by Fannie Mae is still well below its pre-crisis levels after declining by three basis points in September down to 1.59 percent. The serious delinquency rate on Fannie Mae-backed single-family mortgage loans has declined every quarter since Q1 2010. At 1.59 percent, it is less than half of the national average of 3.5 percent reported by CoreLogic for August.The number of loan modifications completed by Fannie Mae was down slightly, from 7,245 in August down to7,064 in September. Year-to-date as of the end of September, Fannie Mae has completed 75,113 loan mods, an average of 8,345 per month. Fannie Mae completed an average of 10,235 loan mods per month for the full year of 2014.The goal was for 23 percent of loans the GSEs buy to go to households with incomes under 80 percent of their areas median income and 7 percent to go to households with incomes under 50 percent of AMI. According to the report, Freddie hit 21 percent for low-income households (those with incomes under 80 percent of AMI) and only 4.9 percent for very-low income households (those with incomes under 50 percent of AMI).Monthly expansion of Freddie Macs total mortgage portfolio was rare from 2010 to 2014. With the release of the Enterprises September 2015 Monthly Volume Summary on Thursday, Freddie Macs total mortgage portfolio has expanded for eight months in a row and 13 of the last 15 months.The total mortgage portfolio expanded at a compound annual rate of 3.1 percent in September, the highest rate of the year for any one month. Overall for the first nine months of 2015, the portfolio has expanded at an average rate of 1.5 percent. It has expanded for eight consecutive months following Januarys contraction at a rate of 0.8 percent. The 3.1 percent annual rate of expansion in September translated to an over-the-month increase of 5.01 billion up to approximately 1.931 trillion.With that expansion of the total mortgage portfolio came a drop of four basis points in the serious delinquency rate for loans backed by Freddie Mac, down to 1.41 percenta year-over-year decline of more than half a percentage point, from 1.96 percent in September 2014. By comparison, the serious delinquency rate on Freddie Mac-insured loans at the start of the crisis in November 2008 was 1.52 percent. The national serious delinquency rate reported by CoreLogic for August was 3.5 percent, nearly two full percentage points higher than Freddie Macs rate.Freddie Macs total mortgage portfolio has expanded only 20 times in the last 69 months dating back to January 2010 despite Septembers increase. At the beginning of the 15-month period (July 2014) that saw 13 months of expansion, the portfolio was valued at 1.895 trillion. It has expanded by about 36 billion since then.The number of homeowners with Freddie Mac loans who received permanent loan modifications in September (4,283) increased slightly from Augusts total of 4,137. To date in 2015 through the end of September, 43,079 homeowners with Freddie Mac-insured loans have received a permanent loan modificationan average of about 4,787 per month. This average is down by about 800 from 2014s monthly average of 5,596.The aggregate unpaid principal balance (UPB) of Freddie Macs mortgage-related investments portfolio declined by approximately 2.7 billion in September, while single-family refinance loan purchase and guarantee volume totaled 12.1 billion in September, down substantially from 13.8 billion in August and Julys total of 20.2 billion.The percentage of single-family refinance loan purchase and guarantee volume that comprised the total single-family mortgage portfolio also took a big drop from August to September, from 50 percent to 41 percent. In May, the share was 61 percent.
