Fannie Mae issued almost $42.75 billion in mortgage-backed securities last month – up from $40.17 billion in June and the company's highest level in months, according to Fannie's monthly volume summary. In February, the company issued some $43.98 billion in MBS.
The government-sponsored enterprise additionally reports that its rate of single-family 90+ day delinquencies dropped 16 basis points from 5.15% in May to 4.99% in June. The percentage of serious delinquencies has been lessening each month since February, when it was 5.59%.
Lender Processing Services reported last week that foreclosure starts on Fannie Mae and Freddie Mac loans have been accelerating in recent months, as have Home Affordable Modification Program cancellations. Most of the foreclosure starts have been concentrated on loans that have been delinquent for six months of longer, LPS said.
SOURCES: Fannie Mae, Lender Processing Services