Secondary activity declined, residential delinquency reached a new record and multifamily delinquency rose last month at Freddie Mac. But the government-controlled company’s huge mortgage portfolio grew even more huge.
Third-quarter purchases and issuances were $124.9 billion, according to monthly operational data released today. Volume tumbled from $171.5 billion in the prior quarter but was higher than $87.6 billion in the third-quarter 2008 — the period during which the company was seized by the U.S. government.
During just September, volume fell to $32.9 billion from the previous month’s $47.9 billion. It was the lowest level of activity since January’s $21.7 billion.
But the McLean, Va.-based firm’s monthly business was better than September 2008 — when purchases and issuances were just $27.2 billion.
So far this year, Freddie’s purchases and issuances totaled $444.2 billion.
The secondary lender’s mortgage portfolio climbed to $2.2427 trillion from $2.2413 trillion in August and $2.1963 one year earlier.
Components of the massive portfolio were $0.7842 trillion in mortgage owned and $1.4585 trillion in outstanding participation certificates and structured securities.
Residential delinquency of at least 90 days delved further into record territory, climbing to 3.33 percent from 3.13 in August and 1.22 percent in September 2008.
Multifamily delinquency of at least three months rose 1 basis point from August to 0.11 percent last month. Apartment loan late payments were 10 BPS higher than last year.
