42
SECONDARY
MARKET,
DECREASED SALES
FUEL FREDDIE MAC
PORTFOLIO GROWTH
Boosted by an increase in secondary
market purchases and a decline in
sales, Freddie Mac's portfolio grew for the
first time this year in July.
In its July 2014 Monthly Volume
Summary, the mortgage giant reported 0.1
percent annualized growth in its total
mortgage portfolio that month—a
turnaround after six straight months of
declines. Year-to-date, the portfolio's
annualized growth rate is -1.7 percent.
As of July 31, Freddie's portfolio value was
up still slightly under $1.9 trillion.
Purchases and issuances totaled $25.4
billion throughout the month, up from June's
$24.6 billion. July's increase was the second in
as many months.
Activity was weak, however, compared to
July 2013's recorded $42.3 billion in purchases
and issuances.
Freddie Mac's single-family refinance-
loan purchase and guarantee volume was
$9.2 billion in July, representing about 40
percent of total new single-family mortgage
portfolio activity. Relief refinance mortgages
accounted for 20 percent of the company's
single-family refinance volume based on
unpaid principal balance (UPB).
e GSE reported 6,727 loan
modifications through the month, ratcheting
the year-to-date total up to 41,982.
Other highlights from Freddie's July
volume summary include a decline of $2.4
billion in the aggregate UPB of its mortgage-
related investments portfolio; an increase of
2.1 percent in the annualized rate of Freddie
Mac's mortgage-related securities and other
guarantee commitments; and a decline in the
single-family seriously delinquent rate from
2.07 percent in June to 2.02 percent in July.
